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NJ A2573
Bill
Status
1/13/2026
Primary Sponsor
Carmen Morales
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AI Summary
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Increases the gross income tax deduction for NJBEST contributions from $10,000 to $15,000 and raises the income eligibility threshold from $200,000 to $300,000.
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Expands grant eligibility to taxpayers with income up to $150,000 (from $75,000), providing up to $1,000 matching grant on initial deposits plus $100 annual grants for those enrolled in automated investment plans.
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Creates a new $500 matching grant for taxpayers transferring funds from out-of-state 529 accounts into NJBEST accounts.
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Establishes a 13-member NJBEST Advisory Council to advise the Governor and Legislature on program improvements and college accessibility, including legislators, state officials, and public members.
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Provides tax credits to employers under both corporate business tax and gross income tax for matching contributions made to employees' NJBEST accounts.
Legislative Description
Improves management and administration of New Jersey Better Education Savings Trust program; establishes grants and additional tax incentives for New Jersey Better Education Savings and Trust account contributions; creates New Jersey Better Education Savings and Trust Advisory Council.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/13/2026