Gov. Chris Christie has signed legislation increasing a tax credit for lower-income residents in New Jersey.

Christie approved the measure on Tuesday. The new law increases the state's earned income tax credit from 20 percent to 30 percent of a similar federal rebate.

The Christie administration says this will benefit about 500,000 residents with the credit rising from roughly $420 to $630.

The Republican governor says families with incomes up to $52,000 a year and single adults earning up to $47,000, could be eligible for the credit depending on how many dependent children are in their household.

Democrats who control the Legislature had proposed increasing the rate from 20 percent to 25 percent, but Christie countered with 30 percent after lowering it in his first term.