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S.1450

Improves management and administration of New Jersey Better Education Savings Trust program; establishes grants and additional tax incentives for New Jersey Better Education Savings and Trust account contributions; creates New Jersey Better Education Savings and Trust Advisory Council.

Introduced·1/13/26
Introduced Text

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.

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  • Overview
  • Core Provisions
  • Implementation
  • Impact
  • Legal Framework
  • Critical Issues

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Where it stands

Current
Higher Eduction Committee
Next
Committee decision

Sponsors

D
1
1
R
Democratic CaucusRepublican Caucus

History

Jan 13

Senate

Introduced in the Senate, Referred to Senate Higher Education Committee