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

The bill improves the New Jersey Better Education Savings Trust (NJBEST) program by raising the minimum dollar amount excluded from financial need evaluations for college students from $25,000 to $50,000. It establishes grants for taxpayers with incomes of $150,000 or less, providing up to $1,000 for initial deposits and additional grants for automated investment plans. The bill also raises the income limit for tax deductions on NJBEST contributions from $200,000 to $300,000, allowing deductions up to $15,000.

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

The bill improves the New Jersey Better Education Savings Trust (NJBEST) program by raising the minimum dollar amount excluded from financial need evaluations for college students from $25,000 to $50,000. It establishes grants for taxpayers with incomes of $150,000 or less, providing up to $1,000 for initial deposits and additional grants for automated investment plans. The bill also raises the income limit for tax deductions on NJBEST contributions from $200,000 to $300,000, allowing deductions up to $15,000.