(TRENTON) — Assembly Speaker Sheila Y. Oliver (D-Essex) issued a multimedia package Monday containing excerpts of her floor speech on legislation (A-4204) to restore New Jersey’s Earned Income Tax Credit (EITC) program to 25 percent of the federal level.
The measure passed the Assembly 46-32 and the Senate 24-15 on June 29 and received an absolute veto from Gov. Christie on June 30.
The EITC is a credit for working poor residents who work and have earned income.
Last year, Republicans changed the EITC from 25 percent to 20 percent, effectively raising the income tax liability of residents receiving the EITC by $45 million. This bill would have reversed the change and restored the 25 percent level.
The state tax credit is based on the federal credit, considered the nation’s largest and most successful anti-poverty program. Created in 1975 to ease the burden of payroll taxes for the working poor, the federal earned-income tax credit was expanded by President Reagan, and has substantially reduced child poverty and increased incentives to work. Twenty-four states created their own credits to extend tax relief for their residents, based on a percentage of the federal credit.
The multimedia package consists of video excerpts of the speaker’s floor speech and audio of the same.
The audio file is available upon request.