Bill > A6187

This bill modifies the matching grant criteria for New Jersey Better Educational Savings Trust (NJBEST) accounts for taxpayers with gross income of $75,000 or less. Under the current law, these account holders were eligible for a one-time grant of up to $750 for their initial deposit. The bill changes this provision to allow account holders to receive dollar-for-dollar matching grants for all initial deposits up to a total of $750, effectively enabling multiple deposits to be matched rather than just the first deposit. The bill also includes a provision allowing the relevant authority to adopt administrative rules immediately upon filing, with these rules being effective for up to 360 days, after which they must be formally reviewed and potentially amended in accordance with standard administrative procedures. This change aims to provide more flexible financial support for educational savings accounts for lower-income taxpayers.

Education

https://www.njleg.state.nj.us/bill-search/2024/A6187