Bill > S554

Introduced Session

This bill provides a nonrefundable gross income tax credit in the amount of $1,500 to resident New Jersey taxpayers who graduate from a New Jersey public or private high school and a New Jersey institute of higher education with a grade point average of 3.5 or higher and who are employed as full time employees working more than 25 hours per week for a New Jersey employer within two years following graduation from a New Jersey institution of higher education. The bill's gross income tax credit is intended to create an incentive for individuals who graduate from a New Jersey high school to pursue their undergraduate degree in New Jersey and subsequently remain in the State and contribute to the New Jersey economy. The bill provides that an institute of higher education in New Jersey is any public or private not for profit university. Additionally, to graduate from a New Jersey institution of higher graduation means to receive an undergraduate degree. Finally, the taxpayer is eligible to claim this credit during the first five consecutive tax years so long as the employee fulfills the requirements of this bill in each of the tax years that the credit is claimed.

Committee Categories

Jon Bramnick (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/09/2024)

Official Document