New Jersey A769 establishes tax credits for student loan payments for both individual taxpayers and businesses.

New Jersey A769 establishes gross income tax credits and corporation business tax credits for student loan payments. Qualified taxpayers can receive a credit for payments made on student loans for themselves or their employees. The credit is equal to the monthly loan payment multiplied by the number of months the taxpayer made payments. For part-time employees, the credit is reduced to 50 percent. The credit can be carried forward for up to seven years if unused. The bill aims to incentivize New Jersey residents with degrees to stay in the state and for businesses to hire graduates.

New Jersey A769 establishes tax credits for student loan payments for both individual taxpayers and businesses.

New Jersey A769 establishes gross income tax credits and corporation business tax credits for student loan payments. Qualified taxpayers can receive a credit for payments made on student loans for themselves or their employees. The credit is equal to the monthly loan payment multiplied by the number of months the taxpayer made payments. For part-time employees, the credit is reduced to 50 percent. The credit can be carried forward for up to seven years if unused. The bill aims to incentivize New Jersey residents with degrees to stay in the state and for businesses to hire graduates.