No Fourth Stimulus Check but New Jersey Residents Could Get $500 Tax Rebates

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While there’s no official word on the fourth round of stimulus payments, New Jersey residents have something to look forward to – about 760,000 middle-class families will soon be receiving rebate checks amounting to as much as $500. 

The money could reach eligible recipients as early as next month. New Jersey Senate President Stephen Sweeney, D-Gloucester, issued a statement in which he said, “This is direct tax relief to middle income families and senior citizens who need it most. The income tax rebate will put money into the pockets of working families so they can support themselves and their children.” The tax rebates will be funded out of next year’s state budget and are the result of negotiations that happened last fall. 

Here’s all you need to know about it:

1. Who will receive the rebate?

Married couples residing in New Jersey with an income under $150,000 and at least 1 dependent child will qualify for a rebate. Single individuals who earn under $75,000 per year and have at least 1 dependent child will also qualify. 

2. Eligibility for the stimulus payments was based on the adjusted gross income. Is that the same case for these rebates? 

The benefit is based on your gross income in 2020, which is your total income before deductions and taxes. 

3. How much money will eligible residents receive?

The maximum rebate that one can receive is $500. Unlike the federal stimulus check payments, there isn’t a sliding scale based on income in this case. That said, your state income tax liability will need to be at least $500 for you to receive the full $500. 

4. Can I claim a higher rebate if I have over one dependent child?

No. Unlike the stimulus payments, the rebate does not consider how many dependent children eligible residents have. 

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