Bill > A1405

Introduced Session

This bill provides certain State taxpayers with a gross income tax deduction, initially up to $15,000 per taxable year, for contributions made by the taxpayer to the NJBEST college tuition savings program. Specifically, a taxpayer may claim a deduction in the amount of the total contributions made in a taxable year to one or more college tuition saving accounts established under the "New Jersey Better Educational Savings Trust (NJBEST) Program," (N.J.S.18A:71B-35 et seq.), initially up to $15,000 per taxable year. In addition, this deduction may be claimed by taxpayers whose income is, initially, no greater than $250,000 per taxable year, for married individuals filing jointly, and no greater than $125,000 per taxable year, for married individuals filing separately or unmarried individuals. The bill also provides for annual cost-of-living adjustments to the maximum deduction and to the income limits ("COLA adjustment"); 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.

Committee Categories

Tony Bucco (R)*,  BettyLou DeCroce (R)*,  Edward Thomson (R)*,  Jon Bramnick (R),  Rob Clifton (R),  John DiMaio (R),  Amy Handlin (R),  Sean Kean (R),  Greg McGuckin (R),  Nancy Muñoz (R),  Erik Peterson (R), 

Introduced, Referred to Assembly Higher Education Committee (on 01/09/2018)