Bill > A513

This bill provides gross income tax deductions for certain education loan payments made by certain taxpayers in New Jersey. Specifically, it allows taxpayers with New Jersey taxable income below $75,000 to deduct the interest and principal paid on qualified education loans, and taxpayers with income between $75,000 and $150,000 to deduct the interest paid on such loans. The bill also provides similar deductions for payments on qualified education loans incurred for the education of a taxpayer's dependent, with income thresholds of $100,000 to $175,000. The term "qualified education loan" is defined in reference to the federal Internal Revenue Code, and the term "dependent" is also defined based on the federal code.

Education

https://www.njleg.state.nj.us/bill-search/2022/A513