Allows gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs for employees and for employee's student loans.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill would allow New Jersey employees to deduct amounts paid by their employers for certain educational assistance programs and student loan payments from their gross income. Specifically, employers can contribute up to $5,250 per employee annually for education assistance or student loan repayment, which would be exempt from state income tax. This deduction would be in addition to other existing tax benefits.
Bill text
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Sponsors
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