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Division of Taxation

Important Income Tax Changes for Tax Year 2008

Earned Income Tax Credit
For tax year 2008, the amount of the New Jersey earned income tax credit (NJEITC) will be equal to 22.5% of the applicant’s Federal earned income tax credit.

Federal Economic Stimulus Payments
For New Jersey gross income tax purposes the treatment of the Federal economic stimulus payments to individuals corresponds to the Federal treatment. The payments are not considered taxable income and should not be reported on the 2008 New Jersey income tax return.

Dependents’ Information
Beginning with tax year 2008, residents must indicate on their New Jersey gross income tax return whether or not each dependent listed on the return has health insurance coverage on the date the return is filed.

Designated Contribution
The New Jersey Veterans Haven Support Program Fund has been added to the list of organizations to which taxpayers can contribute on the New Jersey tax return. To donate to the new fund, taxpayers must specify code number “08” at the “Other Designated Contribution” line.

Credit for Taxes Paid to Other Jurisdictions
The Philadelphia nonresident wage tax rate for 2008 is .037242 from January 1 to June 30, 2008, and .035392 from July 1 to December 31, 2008.

Gross Income Tax Rates
There has been no change in the New Jersey gross income tax rates for tax year 2008. Go to “Tax Rates to view the New Jersey tax tables, tax rates schedules, or NJ-WT, Instruction Booklet for Employers, Payors of Pension and Annuity Income and Payors of Gambling Winnings.

Family Leave Insurance
Beginning on July 1, 2009, New Jersey employees will be eligible to receive up to six weeks of paid leave for the birth or adoption of a child or to care for a sick family member. The program will be funded by a payroll deduction which will begin on January 1, 2009. Workers will contribute at the rate of 0.09% on the first $28,900 (taxable wage base) in wages earned during the year. The contribution rate will increase to 0.12% of the taxable wage base for tax year 2010 and subsequent years.

Homestead Rebate Program
— Tenants who meet the eligibility requirements use the application in the income tax booklet, Form TR-1040, to apply for the homestead rebate for tenants.

— Homeowners do not use the application in the income tax booklet. Applications for the homeowner rebate are expected to be mailed at the end of April, and homeowners will apply either online or by phone.

Note: Benefits available under this program are subject to change.

2008 Property Tax Reimbursement
The Property Tax Reimbursement (PTR) Program reimburses eligible senior citizens or disabled persons for property tax increases. Eligible residents must file a 2008 Property Tax Reimbursement Application (Form PTR-1 or PTR-2) by the extended due date of November 2, 2009. The original due date was June 1, 2009.

Income Limits. For residents applying for reimbursements for tax year 2008, total annual income must have been:

For 2008: $70,000 or less, and
For 2007: $60,000 or less

These limits apply regardless of marital/civil union status. However, if an applicant’s status is married/CU couple, combined income of both spouses/CU partners must be reported.

Note: Benefits available under this program are subject to change.

Last Updated: Tuesday, 11/17/20