Sponsored by:
Assemblyman ALEXANDER "AVI" SCHNALL
District 30 (Monmouth and Ocean)
SYNOPSIS
Modifies matching grant criteria for New Jersey Better Educational Savings Trust accounts.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning New Jersey Better Educational Savings Trust accounts and amending P.L.2021, c.128.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.2021, c.128 (C.18A:71B-42.1) is amended to read as follows:
2. a. A NJBEST account when it is initially opened by a taxpayer with gross income of $75,000 or less shall be eligible for [a one-time grant of up to $750]one or more grants in a dollar-for-dollar match of [the initial deposit] all initial deposits to the account up to a total of $750.
b. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B -1 et seq.), to the contrary, the authority may adopt, immediately upon filing with the Office of Administrative Law, rules that the authority deems necessary for the appropriate administration and implementation of the provisions of this section, including, a minimum length of time for participation in the NJBEST program in order to maintain eligibility for the credit established pursuant to this section, which rules shall be effective for a period not to exceed 360 days from the date of the filing. The authority shall thereafter amend, adopt, or readopt the rules in accordance with the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.).
(cf: P.L.2021, c.128, s.2)
2. This act shall take effect immediately.
STATEMENT
This bill modifies the matching grant program for New Jersey Better Educational Savings Trust (NJBEST) accounts to provide that certain account holders are eligible for a dollar-for-dollar matching grant of all initial deposits to the account up to $750.
Under current law, certain account holders are only eligible for a dollar-for-dollar matching grant of the initial deposit up to $750.