Bill > A1818

This bill establishes a gross income tax credit and a corporation business tax credit for student loan payments. The tax credit is available to qualified taxpayers, which includes New Jersey residents who have obtained an associate's, bachelor's, or graduate degree and were employed in the state during the tax year. Employers can also claim a tax credit for making direct payments on behalf of their qualified employees towards their student loans. The bill sets parameters for the amount of the credit, how it can be applied, and includes definitions of key terms like "qualified taxpayer" and "qualified employee". The bill directs the state's Division of Taxation to adopt regulations to implement the program.

Education

https://www.njleg.state.nj.us/bill-search/2022/A1818