"Student Loan Debt Relief Tax Credit Act"; establishes gross income tax credit of up to $5,000 for certain student loan payments and makes an appropriation.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a refundable tax credit for New Jersey residents who have student loan debt. Qualified taxpayers with at least $20,000 in student loan debt and $5,000 outstanding can receive a tax credit of up to $5,000 per year. The credit is designed to help repay student loans and prioritizes applicants with higher debt-to-income ratios and those who attended New Jersey institutions of higher education. The Higher Education Student Assistance Authority will administer the program and oversee the application process.
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