Are You Cashing In? $500 New Jersey Tax Rebate Checks Are Arriving
Many in the state are still recovering financially from the pandemic. Luckily, hundreds of thousands of New Jersey residents will be getting a $500 check in the mail.
Governor Phil Murphy signed a $46 billion state budget on Tuesday that included $500 income tax rebates for roughly 760,000 eligible households.
Prompted by the pandemic, this plan has been in the works since last fall with the goal of raising taxes on those in the state who earn the most money and help low and middle-income families deal with the economic fallout.
Now the important question. Where's your money? Here's how it all breaks down.
If you're a couple with an income of less than $150,000 and have at least one dependant child, your check is in the mail. Individuals who earn below $75,000 with at least one dependent child, are eligible for a tax rebate of up to $500.
This is very similar to the criteria for the Federal Stimulus payments, but you'll notice one difference. If you don't have a child it doesn't matter how much money you make, you will not be receiving a check. This has many (mostly single) folks very unhappy.
It's worth noting that the maximum you can receive is $500. Families are not eligible for additional money if they have more than one dependant. Also, you don't have to sign up for anything. The State will take a look at your 2020 tax returns. If you qualify, the check will be mailed to you.
The state Department of Treasury is anticipating 51,000 checks to hit the mail on Friday, July 2. They are hoping to send roughly 100,000 checks per week after that.