NJ A1597

Creates a gross income tax credit for New Jersey residents who make student loan payments while employed in the state, with the credit amount based on the lesser of actual monthly payments or a benchmark payment calculated using federal Stafford loan rates

Makes the tax credit refundable for individuals who earned an associate's or bachelor's degree in science, technology, engineering, or mathematics (STEM fields)

Allows employers to claim a gross income tax or corporation business tax credit for payments made directly to lenders on behalf of qualified employees, with the credit reduced to 50% for part-time employees (16-32 hours per week)

Defines qualified employees as New Jersey residents with associate's, bachelor's, or graduate degrees who work full-time (32+ hours), part-time, or serve as self-employed individuals or active duty military members

Permits unused credits to be carried forward for 7 taxable years for gross income tax filers and 10 privilege periods for corporation business tax filers