This bill establishes a gross income tax credit for taxpayers who pay tuition and maintenance costs for attendance at New Jersey county colleges. Specifically, it allows a credit of up to $750 for full-time attendance and $375 for part-time attendance (with a minimum of six credits per semester) for both dependents under the age of 22 and for the taxpayers themselves. However, taxpayers cannot claim this credit if they have already claimed a deduction for the dependent or if the taxpayer in attendance is a dependent of another taxpayer who claims the credit for that taxable year.

The intent of the bill is to provide financial relief to taxpayers, making higher education more accessible through the county college system, which consists of 19 institutions across New Jersey. By offering these tax credits, the bill aims to alleviate some of the financial burdens associated with college tuition, thereby encouraging more residents to pursue post-secondary education. The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 following its enactment.