Bill > A2810

This bill allows New Jersey taxpayers to deduct from their gross income, for tax purposes, the amount of interest they paid on qualified education loans during the tax year, mirroring the deduction already permitted under federal tax law. A "qualified education loan" is defined by federal law and generally refers to loans taken out to pay for higher education expenses. This change to the "New Jersey Gross Income Tax Act" will take effect immediately and apply to tax years starting on or after January 1st of the year following the bill's enactment.