This bill proposes a gross income tax deduction for residents of New Jersey who are recent graduates from high school or college. Specifically, it allows these graduates to deduct all salaries, wages, and other remuneration received for services rendered during the two consecutive taxable years immediately following their graduation from a public or private institution located in the state. To be eligible for this deduction, the taxpayer must reside in New Jersey for the entire taxable year in which the deduction is claimed.

Additionally, the bill clarifies that taxpayers can claim this deduction multiple times, including after graduating from both high school and a higher education institution. The definitions of "graduation," "private institution of higher education," and "public institution of higher education" are also provided to ensure clarity regarding the institutions that qualify under this bill. The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 following its enactment.