New Jersey A2337 allows a tax deduction for employees for employer-paid educational assistance and student loan payments.

New Jersey A2337 allows employees to deduct from their gross income amounts paid by employers for certain educational assistance programs and student loan payments. This deduction can cover up to $5,250 per taxable year and applies to both educational assistance and student loan payment assistance. The deduction is modeled on federal legislation and is intended to incentivize employers and employees to establish programs that provide financial wellness benefits without raising taxable salaries and wages.

New Jersey A2337 allows a tax deduction for employees for employer-paid educational assistance and student loan payments.

New Jersey A2337 allows employees to deduct from their gross income amounts paid by employers for certain educational assistance programs and student loan payments. This deduction can cover up to $5,250 per taxable year and applies to both educational assistance and student loan payment assistance. The deduction is modeled on federal legislation and is intended to incentivize employers and employees to establish programs that provide financial wellness benefits without raising taxable salaries and wages.