NJ S3350

Creates a gross income tax credit equal to 10% of tuition costs, up to a maximum credit of $1,000 per year, for New Jersey residents attending eligible in-state post-secondary institutions

Applies to taxpayers with gross income of $150,000 or less who pay tuition for themselves or a dependent under age 22 enrolled full-time and in good standing

Eligible institutions include New Jersey four-year colleges, county colleges, and accredited post-secondary business, technical, trade, or vocational schools

Taxpayers cannot claim both this tuition credit and a dependent deduction for the same individual in the same tax year

Takes effect immediately upon enactment and applies to taxable years beginning on or after January 1 following enactment