Enhances New Jersey Better Education Savings Trust program with grants, tax incentives, and an advisory council.

This bill improves the New Jersey Better Education Savings Trust (NJBEST) program by establishing grants and additional tax incentives for NJBEST account contributions. It creates a one-time grant of up to $750 for initial deposits into NJBEST accounts, with an additional grant of up to $500 for taxpayers with incomes of $150,000 or less. The bill also raises the income limit for tax deductions on NJBEST contributions from $200,000 to $300,000, allowing deductions of up to $15,000. Employers receive tax credits for matching contributions to employees' NJBEST accounts.

Enhances New Jersey Better Education Savings Trust program with grants, tax incentives, and an advisory council.

This bill improves the New Jersey Better Education Savings Trust (NJBEST) program by establishing grants and additional tax incentives for NJBEST account contributions. It creates a one-time grant of up to $750 for initial deposits into NJBEST accounts, with an additional grant of up to $500 for taxpayers with incomes of $150,000 or less. The bill also raises the income limit for tax deductions on NJBEST contributions from $200,000 to $300,000, allowing deductions of up to $15,000. Employers receive tax credits for matching contributions to employees' NJBEST accounts.