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NJ A2928
Bill
Status
1/9/2024
Primary Sponsor
Gary Schaer
Click for details
AI Summary
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Requires the Higher Education Student Assistance Authority (HESAA) to allow cosigners of NJCLASS student loans to make voluntary payments on loans in repayment status, in addition to payments made by borrowers
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Cosigners with gross income of $80,000 or less can deduct 100% of their voluntary NJCLASS loan payments from state gross income tax; those earning over $80,000 can deduct 50%
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Borrowers of NJCLASS loans with gross income of $80,000 or less can deduct 100% of interest paid on their loans from state gross income tax; those earning over $80,000 can deduct 50%
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Takes effect immediately and applies to taxable years beginning on or after January 1 following enactment
Legislative Description
Permits cosigners to student loans under New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to make payments on loans; allows gross income tax deduction for certain payments under NJCLASS Loan Program.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/9/2024