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NJ A2114
Bill
Status
1/9/2024
Primary Sponsor
William Moen
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AI Summary
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Allows New Jersey employees to deduct up to $5,250 annually from gross income for employer-paid educational assistance programs that qualify under federal IRC Section 127, covering tuition, fees, textbooks, and equipment for non-recreational courses
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Creates a separate deduction of up to $5,250 annually for employer-provided student loan payment assistance, covering principal or interest payments on qualified higher education debt
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Both deductions can be claimed in the same tax year in addition to all other exemptions and deductions available to the taxpayer
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Student loan payment assistance must be provided under a written employer plan established for the exclusive benefit of employees
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Applies to taxable years beginning after the date of enactment, with immediate effective date upon passage
Legislative Description
Allows gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs for employees and for employee's student loans.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/9/2024