Legislation to provide financial help to some New Jersey parents is now on Gov. Phil Murphy’s desk. The state Assembly has given final approval to a bill that provides a child tax credit on this year’s tax bills. When the bill was first passed in June, it had the tax credit going into effect at a later date, but this latest version makes the credit available for the 2022 tax year. Tax credits of up to $500 for each child under the age of six would be given to families earning $30,000 or less. The tax credit decreases for residents at higher income levels, and it is not available to anyone earning over $80,000. Murphy is expected to sign the bill.
The New Jersey Economic Development Authority recently announced a milestone of sorts — its Small Business Improvement Grant program, launched earlier this year, has awarded grants to more than 500 businesses. EDA CEO Tim Sullivan reminds business owners who are still trying to move forward from the pandemic that money is still available from the state. On Thursday, the agency will begin taking applications for a microbusiness loan program to help some of the state’s smallest businesses.
The number of job openings in the U.S. fell in August, the most in 2.5 years. A closely watched report from the U.S. labor department showed job openings totaled just over 10 million in August, 1 million fewer than in July. Some economists say it’s a sign that the labor market may be cooling off as the Federal Reserve continues to raise interest rates.
— Editor’s note: A statement was issued by the governor’s office Tuesday that Gov. Murphy signed the bill amending the child tax credit, allowing the credit to be taken in the 2022 tax year.
