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NJ A2176
Bill
Status
Introduced
1/9/2024
Primary Sponsor
William Moen
Click for details
AI Summary
- Creates a refundable gross income tax credit of up to $5,000 per year for qualified taxpayers making student loan payments
- Eligibility requires having incurred at least $20,000 in student loan debt for higher education attendance and maintaining at least $5,000 in outstanding debt when applying
- Total tax credits approved are capped at $10,000,000 per fiscal year, administered by the Higher Education Student Assistance Authority
- Priority given to applicants with higher debt-to-income ratios, graduates of New Jersey institutions, first-time applicants, and those who qualified for in-state tuition rates
- Recipients must use the tax credit for student loan repayment within two taxable years following the year the credit was awarded, with recapture provisions for non-compliance
Legislative Description
"Student Loan Debt Relief Tax Credit Act"; establishes gross income tax credit of up to $5,000 for certain student loan payments and makes an appropriation.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/9/2024
Committee Referrals
Higher Education1/9/2024
Full Bill Text
No bill text available