NJ S554

Provides a $1,500 nonrefundable gross income tax credit to New Jersey residents who graduated from a New Jersey high school and a New Jersey college or university with a GPA of 3.5 or higher

Requires recipients to become full-time employees (25+ hours per week) with a New Jersey employer within two years of graduating from a New Jersey institution of higher education

Credit may be claimed for up to five consecutive tax years, provided eligibility requirements continue to be met each year

Eligible higher education institutions include New Jersey public colleges and universities, as well as private nonprofit institutions qualifying for state assistance

Credit cannot reduce tax liability below zero (non-refundable)