Establishes gross income tax credit and corporation business tax credit for student loan payments.
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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 establishes gross income tax credits and a corporation business tax credit to encourage student loan payments in New Jersey. Qualified taxpayers who have graduated from higher education and are employed in the state can receive a credit based on a portion of their loan payments. Employers are also eligible for a credit for payments they make on behalf of their employees’ student loans. The credits are designed to incentivize graduates to remain in New Jersey and support the state’s workforce.
Bill text
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Document of record
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Sponsors
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2 on record
Primary sponsors
James Beach
Joseph Lagana
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