Estimated benefit to NJ (over three years): Actual award notice issued by federal agencies or estimate
$3,256,653,122

How do the funds flow?
Individual eligibility

Description
For 2009 and 2010, the new law provides a refundable tax credit of up to $400 for working individuals and $800 for working families.

Notes
The tax credit estimate listed is based on a Center for American Progress estimate.

Estimated benefit to NJ (over three years): Actual award notice issued by federal agencies or estimate
$84,350,260

How do the funds flow?
Individual eligibility

Description
Increases the EITC to forty-five percent (45%) of the family’s first $12,570 of earned income for families with three or more children and would increase the beginning point of the phase-out range for all married couples filing a joint return (regardless of the number of children) by $1,880.

Notes
The tax credit amount listed represents a Center for American Progress estimate.

Estimated benefit to NJ (over three years): Actual award notice issued by federal agencies or estimate
$299,989,450

How do the funds flow?
Individual eligibility

Description
Increases the eligibility for the refundable child tax credit in 2009 and 2010. For 2008, the child tax credit is refundable to the extent of 15% of the taxpayer’s earned income in excess of $8,500. The bill would reduce this floor for 2009 and 2010 to $3000.

Notes
The tax credit estimate listed is a Center for American Progress estimate.

Estimated benefit to NJ (over three years): Actual award notice issued by federal agencies or estimate
$119,780,697

How do the funds flow?
Formula allocation for the state

Description
The Act authorizes a new category of tax-exempt private activity bonds for use in designated areas with significant unemployment, poverty and home foreclosure rates: $10 billion in taxable recovery zone economic development bonds, where the state or local government would receive a 45% reimbursement of interest paid, with no option to apply the credit to investors; and, $15 billion in recovery zone facility private activity bonds allocated based on a proportion of a jurisdiction’s unemployment rate versus the national rate.  States will receive a minimum allocation of one percent.  

Notes
The funding allotment cited is a Center for American Progress estimate.

Estimated benefit to NJ (over three years): Actual award notice issued by federal agencies or estimate
$3,526,841,449 - see notes

How do the funds flow?
Individual eligibility

Description
Extension of AMT relief for 2009. The bill would provide more than 26 million families with tax relief in 2009 by extending AMT relief for nonrefundable personal credits and increasing the AMT exemption amount by $70,950 for joint filers and $46,700 for individuals. This proposal is estimated to cost $69.759 billion over 10 years. 

Notes
No FFIS estimate.  CRS estimates that about 1.7 m individuals in NJ are helped by this.  Represents Center for American Progress estimate.

Estimated benefit to NJ (over three years): Actual award notice issued by federal agencies or estimate
*TBD* - see notes

How do the funds flow?
Individual eligibility

Description
Suspension of federal income tax liability for up to $2,400 of unemployment compensation received during 2009 

Current Status
This tax exemption will be available to UI claimants on their CY09 tax return.

Notes
NJ DOLWD working on estimate.