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NJ A2337
Bill
Status
1/13/2026
Primary Sponsor
William Moen
Click for details
AI Summary
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Employees may deduct up to $5,250 annually from New Jersey gross income for employer-provided educational assistance that qualifies under federal tax code Section 127, covering tuition, fees, textbooks, and equipment for non-recreational courses.
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Employees may also deduct up to $5,250 annually from gross income for employer-provided student loan payment assistance, including payments toward principal or interest on qualified higher education debt.
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Both deductions can be claimed in the same tax year and are in addition to all other exemptions and deductions allowed under New Jersey gross income tax law.
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The bill takes effect immediately and applies to taxable years beginning after enactment.
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
1/13/2026