Bill > S3180

Introduced Session

This bill increases the New Jersey Better Educational Savings Trust (NJBEST) grant from a one-time $750 matching grant to an annual $1,500 savings incentive grant for certain contributors. Current law establishes that a NJBEST account opened on or after June 29, 2021 that is owned by a taxpayer with an adjusted gross income below $75,000 may receive a dollar-for-dollar match grant of the initial deposit, up to $750. Under the bill, a NJBEST account that has a contributor with an adjusted gross income ranging from $0 to $75,000 may receive an annual savings incentive grant of up to $1,500 until the designated beneficiary is 14 years of age. The amount of the grant is to be equal to three dollars for every dollar the account owner deposits into the account each year, up to a maximum annual grant of $1,500 per account. Additionally, the bill permits the Higher Education Student Assistance Authority to fund the annual savings incentive grants from administrative fees, defined as funds the authority charges, imposes, or collects in connection with any agreement, contract, or transaction relating to the NJBEST program.

AI Summary

Committee Categories

Joe Cryan (D)*, 

Introduced in the Senate, Referred to Senate Higher Education Committee (on 05/09/2024)

Official Document