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 earned during the two consecutive taxable years 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. The bill clarifies that graduates can claim this deduction multiple times, including after graduating from both high school and a higher education institution.

The bill defines "graduation" as the date a diploma or bachelor's degree is awarded, and it specifies the types of institutions that qualify, including both public and private schools in New Jersey. The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 of the year following its enactment.