Bill
Bill > A1568
NJ A1568
NJ A1568Allows gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs for employees and for employee's student loans.
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/11/2022
01/11/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Allows gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs for employees and for employee's student loans.
AI Summary
This bill allows employees to deduct from their gross income up to $5,250 for amounts paid by their employers for certain educational assistance programs and student loan payment assistance. The deduction for educational assistance is allowed under Section 127 of the Internal Revenue Code, which excludes such assistance from federal taxable income. The deduction for student loan payment assistance covers payments made by employers towards an employee's qualified higher education expenses, including loan refinancing. These deductions may be claimed in addition to other exemptions and deductions allowed to the taxpayer.
Committee Categories
Education
Sponsors (3)
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 01/11/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A1568 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2000/1568_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2000/1568_I1.PDF |
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