Allows gross income tax deduction for certain student loan interest.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates a new tax deduction in New Jersey for residents who have student loan interest payments. It allows taxpayers with a gross income of $85,000 or less to deduct up to $2,500 of student loan interest paid on qualified education loans. The deduction applies to loans used for higher education expenses for the taxpayer, their spouse, or a dependent. The law will take effect immediately and apply to tax years starting after its enactment.
Bill text
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Document of record
- Version
- Senate Committee Substitute
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Sponsors
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3 on record
Primary sponsors
James Beach
Robert Singer
Cosponsor
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