This bill amends the New Jersey Better Educational Savings Trust (NJBEST) program by increasing the savings incentive grant from a one-time $750 matching grant to an annual grant of up to $1,500 for eligible contributors. Specifically, it allows contributors with an adjusted gross income between $0 and $75,000 to receive an annual grant equal to three dollars for every dollar deposited into the NJBEST account, with a maximum grant of $1,500 per year until the designated beneficiary reaches 14 years of age. This change aims to enhance the financial support available for families saving for higher education.

Additionally, the bill introduces new provisions regarding the funding of these annual savings incentive grants. It allows the Higher Education Student Assistance Authority to utilize administrative fees—defined as funds collected in connection with the NJBEST program—to support the grants. The bill also updates the legal language to clarify the definitions and structure of the NJBEST program, ensuring that the program aligns with the relevant sections of the New Jersey Statutes.

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