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  • NJ A2836
  • Allows gross income tax deductions for contributions to the New Jersey Better Educational Savings Trust (NJBEST) Program.
Introduced
(2/16/2016)
In Committee
(2/16/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill allows a gross income tax deduction for amounts contributed to the New Jersey Better Educational Savings Trust (NJBEST) Program. NJBEST is New Jersey's IRS Section 529 qualified college savings program. Federal tax law allows contributions of federally taxed income to accounts established for the beneficiaries' qualified higher education expenses. Account investment earnings are not federally taxed until withdrawn, and if the earnings are used for qualified higher educational expenses they are never taxed. Currently, New Jersey matches those federal tax advantages. Additionally, New Jersey currently allows $25,000 of NJBEST college savings to be excluded from a financial need evaluation of the student, and awards students who pursue higher education in New Jersey a scholarship of up to $1,500 for participating in the program. This bill provides further incentives for college savings. This bill allows a gross income tax deduction of up to $10,000 annually for married couples filing jointly, $5,000 annually for other taxpayers, for contributions to one or more NJBEST accounts.
Not specified
Introduced, Referred to Assembly Higher Education Committee  (on 2/16/2016)
 
 

Date Chamber Action Description
2/16/2016 A Introduced, Referred to Assembly Higher Education Committee
Date Motion Yea Nay Other
None specified