Bill > A1114

Introduced Session

This bill increases the gross income tax deduction, initially up to $15,000 per taxable year, for contributions made by the taxpayer to the New Jersey Better Educational Savings Trust (NJBEST) Program, (N.J.S.18A:71B-35 et seq.). Under current law, a taxpayer with gross income of less than $200,000 can deduct up to $10,000 for contributions to the NJBEST program. The bill increases the deduction amount to up to $15,000 for the first taxable year following enactment. The bill also provides for annual cost-of-living adjustments to the maximum deduction and to the income limits ("COLA adjustment") for future taxable years; the COLA adjustment amount is the national consumer price index for all urban consumers as prepared by the United States Department of Labor. This bill affords New Jersey taxpayers with tax relief while promoting personal investment in, and broader access to, higher education.

AI Summary

Committee Categories

John DiMaio (R)*,  Aura Dunn (R)*,  Robert Clifton (R),  Sean Kean (R),  Michele Matsikoudis (R),  Greg McGuckin (R),  Nancy Muñoz (R),  Erik Peterson (R),  Mike Torrissi (R), 

Introduced, Referred to Assembly Higher Education Committee (on 01/09/2024)

Official Document