NJ Families to Receive $500 Rebate Check
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July 1, 2021NJ Families to Receive $500 Rebate Check
Governor Phil Murphy signed into law a $46.4 billion budget. What does this mean for NJ Residents?
The spending plan for the 2022 fiscal year that begins July 1 is the largest budget in New Jersey history, yet does not include new taxes. In fact, many households will receive $500 rebates — months before Murphy and all 120 lawmakers are up for reelection — as part of a deal reached last year to raise tax rates on millionaires.
The budget is loaded with projects to satisfy a wide range of interests. College students will get increased aid for tuition; retirees will have more money exempt from income taxes; some homeowners will see a boost in property tax credits; and the public employee pension fund will receive a historic nearly $7 billion, to name a few. The spending plan also pays down $3.7 billion of the state's $44 billion in debt. That debt repayment is roughly the amount the state borrowed last year anticipating a drop in revenues.NJ Families Will Be Receiving $500 Rebate Check. Are You Eligible?
About 760,000 middle class families are expected to receive rebate checks of up to $500 as part of the deal lawmakers and Governor Murphy reached last year to raise taxes on people who make more than $1 million a year.
The checks go out soon. The rebates are funded in the $46.4 billion state budget Murphy is expected to sign into law this week. Here's what you need to know about the rebates, who gets them and when they'll arrive. DO I GET A REBATE CHECK?Taxpayers who live in New Jersey are eligible if they meet the following criteria:
WHAT YOU SHOULD KNOW
Do I Need to Apply? No. The rebates will be automatically calculated and distributed based on your 2020 taxes.
When Will I Receive My Rebate? The state will begin sending out checks on July 1. They will be cut separately from regular income tax refunds. Where Will I Get My Check? The checks will be sent to the address on your NJ-1040 income tax return. Does Everyone Get $500? No. Residents who paid less than $500 in income tax will receive an amount equal to what they paid. For example, if an eligible family paid $250 in taxes, they would get a $250 rebate check. The most anyone can get back is $500. The rebate will also be prorated for part-time residents based on the number of months they lived in New Jersey.
