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  • NJ A4763
  • Excludes amount of certain early withdrawals from qualified retirement plans in determination by Higher Education Student Assistance Authority of applicant's eligibility for and amount of State tuition aid grant.
Introduced
(5/11/2017)
In Committee
(6/22/2017)
Crossed Over
(6/22/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill requires the Higher Education Student Assistance Authority (HESAA) to solicit from an applicant for financial assistance, information on whether he received an early withdrawal from a qualified retirement plan under the Internal Revenue Code, such as an individual retirement account or a 401(k) plan, and the amount of the early withdrawal. If the applicant took an early withdrawal, the amount of the early withdrawal, less the amount of any federal income tax credit claimed by the applicant for a tax penalty assessed on the early withdrawal, will be deducted from the adjusted gross income utilized by HESAA to determine the applicant's eligibility for, and the amount of, a State tuition aid grant. This exclusion will only be permitted if the applicant provides documentation that the early withdrawal was taken due to an economic hardship, as determined by HESAA.
2nd Reading in the Assembly, Passed Assembly
Received in the Senate, Referred to Senate Higher Education Committee  (on 6/22/2017)
 
 

Date Chamber Action Description
6/22/2017 S Received in the Senate, Referred to Senate Higher Education Committee
6/22/2017 A Passed by the Assembly (75-0-0)
6/12/2017 Assembly Higher Education Hearing (19:00 6/12/2017 The committee will receive an update from invited guests on the )
6/12/2017 A Reported out of Assembly Committee, 2nd Reading
6/1/2017 Assembly Higher Education Hearing (19:00 6/1/2017 The committee will receive an update on the New Jersey State Lon)
5/11/2017 A Introduced, Referred to Assembly Higher Education Committee
Date Motion Yea Nay Other
Detail 6/22/2017 Assembly Floor: Third Reading - Final Passage 75 0 5
Detail 6/12/2017 Assembly Higher Education Committee: Reported Favorably 8 0 1