SENATE HIGHER EDUCATION COMMITTEE

STATEMENT TO

SENATE, No. 1462

with committee amendments

STATE OF NEW JERSEY

DATED:  MAY 18, 2026

      The Senate Higher Education Committee reports favorably and with committee amendments Senate Bill No. 1462.

      As amended, this bill increases the New Jersey Better Educational Savings Trust (NJBEST) grant from a one-time $750 matching grant to a lifetime matching grant of $1,500 per beneficiary. 

      Current law establishes that an NJBEST account opened on or after June 29, 2021 that is owned by a taxpayer with an adjusted gross income below $75,000 may receive a dollar-for-dollar match grant of the initial deposit, up to $750.

     Under the bill, subject to the amount of available administrative fees, as determined annually by the board of the Higher Education Student Assistance Authority, or annual appropriations, an NJBEST account for which the contributor has an adjusted gross income of  at least $0 and not more than $75,000 will be eligible for an annual savings incentive grant for each year preceding the year in which the designated beneficiary will become 14 years of age. The annual savings incentive grant will be equal to three dollars for every dollar deposited into the account each year, up to a maximum lifetime matching grant of $1,500 per beneficiary.

      This bill was pre-filed for introduction in the 2026-2027 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.

COMMITTEE AMENDMENTS:

      The committee amended the bill to revise the amount of the NJBEST grant that will be available to eligible contributors to a maximum lifetime matching grant of $1,500 per beneficiary.  The bill, as introduced, would have provided certain contributors with annual grants of up to $1,500 each year until the designated beneficiary became 14 years of age.