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

Additionally, the bill grants the authority the ability to adopt necessary rules for the administration and implementation of these provisions without adhering to the usual procedures outlined in the "Administrative Procedure Act." These rules can be effective for up to 360 days from the date of filing, after which they must be amended, adopted, or readopted in accordance with the standard requirements. The bill is set to take effect immediately upon passage.

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