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NJ S1360
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Joseph Lagana
Click for details
AI Summary
- New Jersey residents with associate's, bachelor's, or graduate degrees who work in-state can claim a gross income tax credit for student loan payments made during the taxable year
- STEM degree holders (associate's or bachelor's in science, technology, engineering, or mathematics) qualify for a refundable credit, meaning they receive payment if the credit exceeds their tax liability
- Employers making direct student loan payments to lenders on behalf of qualified employees can claim either a gross income tax credit or corporation business tax credit for the full payment amount (50% for part-time employees working 16-32 hours weekly)
- Unused credits may be carried forward for seven years for individual taxpayers and ten years for corporations
- Qualified loans include those from state, federal, or commercial lenders used exclusively for tuition, fees, room and board, books, and supplies at accredited institutions of higher education
Legislative Description
Establishes gross income tax credit and corporation business tax credit for student loan payments.
Higher Education
Last Action
Introduced in the Senate, Referred to Senate Higher Education Committee
1/13/2026
Committee Referrals
Higher Eduction1/13/2026
Full Bill Text
No bill text available