New Jersey S1451 establishes tax credits for student loan payments for qualified taxpayers and businesses.
New Jersey S1451 establishes tax credits for student loan payments for qualified taxpayers and businesses. The bill provides a credit against the gross income tax (GIT) or the corporation business tax (CBT) for payments made on behalf of a qualified employee, defined as a resident who obtained an associate's or bachelor's degree or a graduate degree from an accredited institution of higher education and was employed in New Jersey during the tax year.
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