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NJ A2371
Bill
Status
Introduced
1/13/2026
Primary Sponsor
William Moen
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AI Summary
- Creates a refundable gross income tax credit of up to $5,000 per year for New Jersey taxpayers making student loan payments
- Requires applicants to have incurred at least $20,000 in student loan debt and have at least $5,000 in outstanding student loan debt to qualify
- Caps the total annual program cost at $10,000,000 in tax credits statewide per fiscal year
- Prioritizes 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 toward student loan repayment within two years or face recapture of the credit amount
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
1/13/2026
Committee Referrals
Higher Education1/13/2026
Full Bill Text
No bill text available