NJ A1309

Establishes the New Jersey Talent Retention Loan and Loan Redemption Program to provide loans of up to $10,000 per year (maximum $40,000 for bachelor's degrees, $20,000 for associate degrees) to New Jersey high school graduates attending in-state colleges

Creates a tax credit for companies contributing to the New Jersey Talent Retention Loan Fund: 50% of the contribution claimed immediately, plus an additional 50% claimed in $5,000 increments per year for each program participant employed by the company

Requires minimum company contributions of $10,000 to qualify for tax credits, with companies contributing $40,000 or more gaining priority to select students from the qualified applicants list for future employment

Forgives 20% of a participant's loan debt for each full year of employment with a contributing company, allowing complete loan redemption after five years of approved employment

Requires loan repayment to begin if participants do not secure employment with a qualifying company within 18 months of graduation or fail to maintain program requirements including a 3.0 GPA and State residency