ASSEMBLY SENIOR ISSUES, TOURISM AND GAMING COMMITTEE

STATEMENT TO

ASSEMBLY, No. 533

STATE OF NEW JERSEY

DATED: DECEMBER 9, 1996

      The Assembly Senior Issues, Tourism and Gaming Committee reports favorably Assembly Bill No. 533.

      This bill provides a taxpayer who is entitled to claim a child and dependent care expense credit on the taxpayer's federal individual tax return with a similar credit against New Jersey gross income tax, in an amount equal to 20% of the federal credit.

      For a taxpayer with an eligible child or dependent, the maximum value of the State credit would range from $96 to $144. For a taxpayer with more than one eligible child or dependent, the maximum value would range between $192 and $288.

      This bill was prefiled for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.