This bill amends the criteria for matching grants associated with New Jersey Better Educational Savings Trust (NJBEST) accounts. Specifically, it allows taxpayers with a gross income of $75,000 or less to receive a dollar-for-dollar matching grant for all initial deposits made into their NJBEST accounts, up to a total of $750. This replaces the previous provision that limited the matching grant to only the initial deposit amount.

Additionally, the bill grants the authority the ability to adopt necessary rules for the administration and implementation of these provisions, including establishing a minimum participation period in the NJBEST program to maintain eligibility for the matching grant. These rules can be enacted immediately upon filing with the Office of Administrative Law and will remain effective for up to 360 days before needing to be amended or readopted.

Statutes affected:
Introduced: 18A:71B-42.1