Establishes loan redemption program and tax credit for mental health professionals serving children and adolescents.
New Jersey S2048 establishes the Child and Adolescent Mental Health Loan Redemption Program within the Higher Education Student Assistance Authority. This program provides loan redemption payments, up to $1,000 per year, to licensed mental health professionals employed full-time in positions dedicated to serving children and adolescents. The program lasts up to four years and requires participants to use redemption payments to cover student loan expenses. Additionally, the bill allows eligible professionals a gross income tax credit of up to $1,000 per taxable year.
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