SENATE, No. 1235

STATE OF NEW JERSEY

221st LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

Sponsored by:

Senator  JAMES BEACH

District 6 (Burlington and Camden)

Senator  VINCENT J. POLISTINA

District 2 (Atlantic)

Co-Sponsored by:

Senator Moriarty

SYNOPSIS

     Establishes a gross income tax credit for attendance at New Jersey county colleges.

CURRENT VERSION OF TEXT

     As reported by the Senate Higher Education Committee with technical review.

An Act establishing a gross income tax credit for taxpayers and their dependents attending New Jersey county colleges, supplementing Title 54A of the New Jersey Statutes.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

     1.    a.   A taxpayer who has paid one-half or more of the costs of tuition and maintenance of a dependent under the age of 22 years in attendance at a New Jersey county college shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to the amount of the costs of tuition and maintenance paid up to a maximum credit of $750 for a dependent in attendance on a full-time basis and in an amount equal to one-half of the amount of the costs of tuition and maintenance paid up to a maximum credit of $375 for a dependent in attendance on a part-time basis having completed at least six credits per semester.  No credit shall be allowed under this subsection for a taxable year if the taxpayer has claimed a deduction for the dependent pursuant to section 1 of P.L.1976, c.84 (C.54A:3-1.1) for that taxable year.

     b.    A taxpayer who has paid costs of tuition and maintenance for the taxpayer's attendance at a New Jersey county college shall be allowed a credit against the tax otherwise due  pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to the amount of the costs of tuition and maintenance paid up to a maximum credit of $750 for the taxpayer's attendance on a full time basis and in an amount equal to one-half of the amount of the costs of tuition and maintenance paid up to a maximum credit of $375 for the taxpayer's attendance on a part-time basis having completed at least six credits per semester.  No credit shall be allowed under this subsection for a taxable year if the taxpayer in attendance at a county college is a dependent of another taxpayer who claims a credit for the taxpayer in attendance at a county college under subsection a. of this section for that taxable year.

     2.    This act shall take effect immediately and shall apply to taxable years beginning on or after January 1 next following the date of enactment.