There a couple of changes in the New Jersey State Individual Income Tax Returns for 2007.These are as follows;
1. Earned Income Tax Credit.
New Jersey State has changed the eligibility requirements for the Earned Income Credit (E.I.C). For the tax year 2007, New Jersey has stated that "all individuals who are eligible to receive the E.I.C. on the federal tax return would now be eligible to receive the NJ Earned Income Tax Credit in the amount that is equal to 20% of the Federal benefit.
Formerly, New Jersey required that the applicants meet certain gross income tests that required the New Jersey Gross Income to be less than $20,000 and taxpayer had to have at least 1 qualifying child.
2. Pension Exclusion Line Moved.
Eligible taxpayers will now claim the NJ Pension exclusion on Line 27 after calculating total taxable income (before exclusions) on Line 26. According to NJ, this change will enable fliers to determine whether or not they meet the income requirement for the Pension and Other Retirement Income Exclusions.
3. Home Rebate Program.
NJ State provides "rebates for NJ homeowners and tenants who meet the eligibility requirements. To determine how much rebate is awarded is based on whether the taxpayer was a homeowner or a tenant on October1, 2007."
Tenants would have to file Form TR-1040 to apply for the tenant rebate.
Homeowners will receive their application in the mail sometime late April.
For more information on how to apply for the rebate, please visit the following site
State of New Jersey Division of Taxation or call 1-888-238-1233
Linear Mode
