Bill
Bill > A2211
NJ A2211
NJ A2211Allows 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
02/07/2022
02/07/2022
In Committee
02/07/2022
02/07/2022
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 in amounts paid by their employer for educational assistance programs and student loan payment assistance. The educational assistance deduction is based on the federal tax exclusion under Section 127 of the Internal Revenue Code. The student loan payment assistance deduction covers the costs of qualified higher education expenses, including principal and interest payments on student loans. These deductions can be claimed in addition to other allowable exemptions and deductions.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 02/07/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A2211 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2500/2211_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2500/2211_I1.PDF |
Loading...