New Jersey § 54a:4-6

§ 54a:4-6.

The Legislature finds and declares that: a. Since its enactment in 1975, the federal earned income tax credit has received

bipartisan support and has proven to be one of the nation's most effective anti-poverty

programs for working families by encouraging work, supplementing earnings and lifting

nearly five million people out of poverty each year, approximately half of them children; b. The federal earned income tax credit has contributed to a significant increase

in labor force participation among New Jersey families; c. A New Jersey Earned Income Tax Credit will build upon the federal program by cutting

taxes for families struggling to provide for their children, reducing child poverty,

supporting welfare-to-work efforts and making New Jersey a better place to live, work

and raise a family; d. Over the last six years, New Jersey's unemployment rate has fallen to its lowest

rate in nearly a decade, and a significant number of the State's families who were

dependent on welfare have made the transition from public assistance to work, often

beginning in low-wage or entry-level positions; and e. A New Jersey Earned Income Tax Credit can further promote work and job retention

by supplementing the incomes of nearly 280,000 low-income working families as they

move up the career ladder and remain independent from public assistance.