NJ S1508

Creates a gross income tax credit equal to 10% of tuition costs, up to a maximum credit of $1,000 per year, for qualifying New Jersey residents

Taxpayers must have gross income of $150,000 or less to qualify for the credit

Credit applies to tuition paid for full-time students at New Jersey four-year colleges, county colleges, or accredited post-secondary vocational/technical schools

Parents can claim the credit for dependents under age 22 if they pay at least half of the tuition costs; alternatively, students can claim the credit for themselves

Credit cannot be claimed if the parent already claims the dependent as a deduction, and students cannot claim the credit if their parent claims the tuition credit for them