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Bill > S1235
NJ S1235
NJ S1235Establishes a gross income tax credit for attendance at New Jersey county colleges.
summary
Introduced
01/09/2024
01/09/2024
In Committee
06/10/2024
06/10/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill encourages greater opportunities for attendance at county colleges by establishing a $750 gross income tax credit for payment of tuition and maintenance costs for full time attendance, and a $375 credit for part-time attendance, at a New Jersey county college paid by a taxpayer either for a dependent under 22 years of age or for the taxpayer's own attendance at a county college. These tax credits provide tax savings that can be used to finance a significant portion of a county college student's tuition. The county community college system, comprised of 19 institutions, provides access to higher education for a broad range of New Jersey residents who might otherwise be denied the benefits of a college education. This tax credit can provide a substantial financial subsidy for those taxpayers who are pursuing this gateway to a post-secondary education for themselves or their dependents.
AI Summary
This bill establishes a gross income tax credit for New Jersey residents attending county colleges, which are institutions providing accessible higher education. Taxpayers can claim a credit of up to $750 for full-time tuition and maintenance costs or $375 for part-time costs, applicable to either their own education or that of a dependent under 22 years old, provided they paid at least half of these educational expenses and do not claim the dependent as an exemption on their taxes. The "New Jersey Gross Income Tax Act" is the law governing income taxes in the state, and this credit is designed to reduce the tax burden for those investing in county college education, thereby making higher education more affordable.
Committee Categories
Budget and Finance, Education
Sponsors (3)
Last Action
Referred to Senate Budget and Appropriations Committee (on 06/10/2024)
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/2024/S1235 |
| BillText | https://pub.njleg.gov/Bills/2026/S1500/1235_I1.HTM |
| Fiscal Note - Fiscal Estimate 8/19/24; as introduced | https://pub.njleg.gov/Bills/2024/S1500/1235_E1.PDF |
| Analysis - Statement SHI 6/10/24 | https://pub.njleg.gov/Bills/2024/S1500/1235_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S1500/1235_T1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1235_I1.HTM |
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