DISTRICT 37 REPUBLICAN ASSEMBLY CANDIDATES PROPOSE EDUCATION TAX CREDITS

DISTRICT 37 REPUBLICAN ASSEMBLY CANDIDATES PROPOSE EDUCATION TAX CREDITS 

June 23, 2009 

With the recent $600 Million payback into the State Treasury under the State Amnesty Plan, New Jersey State Government has a chance to enact a targeted Tax Cut that would benefit hard-pressed taxpayers with school-age children.     Republican District 37 Assembly Candidates Wojciech Siemaszkiewicz and Barry Bellin propose a series of Education Tax Credits to help parents pay for the children’s education.  We would take $200 Million of the aforementioned $600 Million and use it to help restore rebates for all New Jersey taxpayers.  Next, we would take the remaining $400 Million and put it into an interest-bearing dedicated fund.   

Under our plan, all New Jersey families with school age children under age 18 would receive a tax credit on their New Jersey State Taxes up to the amounts below, based on their family income level.  Allowable expenses include school tuition, school bus transportation costs, education supplies, books and after-school care.   School tuition and school bus transportation for Religious and Private Schools would be included under the plan.  

Family Income Level                                    Tax CreditAmount 

$150,000 or more                                          $1,000

above $120,000 and up to $150,000         $2,000

above $90,000 and up to $120,000           $3,000

above $60,000 and up to $90,000             $4,000

$60,000 and less                                             $5,000 

This Tax Credit plan is very economically tax-efficient and cost-efficient.  There would be neither burdensome bureaucratic nor administrative costs because there are no additional forms to fill out and checks would not need to be mailed out, which would save postage and envelope costs.  Taxpayers can take the Tax Credit when they are filing their 2009 State Income Tax Forms next year. All that would be needed would be for the taxpayers to save their receipts and include copies of receipts when they itemize.   

The money for this plan would come out of the dedicated fund mentioned above and the process would continue until the money ran out.  This targeted Tax Cut will give New Jersey Families much-needed tax relief and provide an economic stimulus to provide families more funds to spend on their children’s education.    

For more information, please call Wojciech Siemaszkiewicz at (201) 638-8100. 

District 37 includes: Bergenfield, Bogota, Englewood, Englewood Cliffs, Hackensack, Leonia, Maywood, Palisades Park, Ridgefield Park, Rochelle Park, Teaneck and Tenafly.