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 incurred by themselves, their spouses, or 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 legislation is designed to provide financial relief to lower-income families seeking higher education, thereby encouraging educational attainment. The bill is set to take effect immediately and will apply to taxable years that commence after the date of enactment.