A868

New Jersey A868 provides a gross income tax credit for homeschooling expenses up to $2,500 per child or dependent, with an additional $1,000 credit.

New Jersey A868 introduces a gross income tax credit for homeschooling expenses incurred by parents and guardians. The credit is up to $2,500 per child or dependent, with a maximum of $7,500 per taxpayer per year. An additional $1,000 credit is available for each child or dependent with special needs, bringing the total potential credit to $10,500 per taxpayer annually. The credit applies to expenses such as educational textbooks, computer software, rental fees for educational curriculum, and membership fees for libraries and academic institutions.