New Jersey A3556 allows employees to deduct from their gross income amounts paid by employers for educational assistance and student loan payments.
New Jersey A3556 allows a gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs and for employee's student loans. This deduction can cover up to $5,250 per taxable year and is in addition to other exemptions and deductions allowed under New Jersey's gross income tax. The educational assistance must be provided under a written plan offered by the employer and can include tuition, fees, textbooks, and equipment.
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