S.3928

New Jersey S3928 establishes a tax credit for a portion of qualifying educational expenditures made by a taxpayer for a dependent child.

New Jersey S3928 provides a gross income tax credit to a taxpayer in an amount equal to 25 percent of each qualified educational expenditure made by the taxpayer for a dependent child during the taxable year. The credit amount for each expenditure does not exceed $500 per qualifying dependent child. The bill defines "qualified educational expenditure" as expenses incurred by the taxpayer for tuition at a nonpublic school, required instructional materials, annual school fees, transportation to a nonpublic school, dues or purchases for extracurricular activities, and fees for school field.