This bill proposes a gross income tax deduction for taxpayers in New Jersey with an annual gross income of $85,000 or less. It allows these taxpayers to deduct amounts paid for tuition and fee expenses for themselves, their spouses, and their dependents who are enrolled as matriculated students at accredited public or independent institutions of higher education. The institutions must be recognized by a nationally recognized accrediting agency or association acknowledged by the United States Secretary of Education.

The act is set to take effect immediately and will apply to taxable years that commence after the date of enactment. This initiative aims to alleviate the financial burden of higher education costs for lower-income families, thereby promoting access to education and supporting the pursuit of higher learning.