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  • NJ A396
  • Allows gross income tax deductions for certain contributions to NJBEST college tuition savings program.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill allows a taxpayer to deduct amounts of the taxpayer's contribution to accounts created under the New Jersey Better Educational Savings Trust (NJBEST) Program, New Jersey's federally qualified tuition program, from the taxpayer's gross income. The bill allows a taxpayer to deduct up to $2,000 per taxable year for each beneficiary ($1,000 per beneficiary for a married taxpayer filing separately) for whom the taxpayer makes contributions. This deduction will serve as an incentive for participation in the NJBEST Program and participation will help taxpayers meet the ever-increasing costs of higher education. A number of states currently offer special state tax benefits for the state's own federally-qualified tuition program.
Not specified
Introduced, Referred to Assembly Higher Education Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Higher Education Committee
Date Motion Yea Nay Other
None specified