NJ A1114

Increases the maximum gross income tax deduction for contributions to NJBEST (New Jersey's 529 college savings program) from $10,000 to $15,000 per taxable year for taxpayers with gross income of $200,000 or less

Establishes annual cost-of-living adjustments (COLA) to both the maximum deduction amount and income eligibility limits, based on the national Consumer Price Index for all urban consumers

COLA adjustments begin in the second taxable year after enactment and continue annually thereafter, with amounts rounded to the next highest multiple of $10

Applies to contributions made for taxable years beginning on or after January 1 following the date of enactment