Improves management and administration of New Jersey Better Education Savings Trust program; establishes grants and additional tax incentives for New Jersey Better Education Savings and Trust account contributions; creates New Jersey Better Education Savings and Trust Advisory Council.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to improve the management and administration of the New Jersey Better Education Savings Trust (NJBEST) program. It establishes grants and additional tax incentives for NJBEST account contributions, including a higher income limit for deductions and increased grant amounts for initial deposits. The bill also creates a New Jersey Better Education Savings and Trust Advisory Council to advise the state on program improvements and accessibility. Finally, it provides tax credits for employers who match employee contributions to NJBEST accounts.
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