Bill Text: NJ A1303 | 2012-2013 | Regular Session | Introduced
Bill Title: Establishes a gross income tax credit for full time enrollment at four year institutions of higher education, county colleges and accredited post-secondary schools in New Jersey.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2012-01-10 - Introduced, Referred to Assembly Higher Education Committee [A1303 Detail]
Download: New_Jersey-2012-A1303-Introduced.html
STATE OF NEW JERSEY
215th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2012 SESSION
Sponsored by:
Assemblyman LOUIS D. GREENWALD
District 6 (Burlington and Camden)
Assemblyman RUBEN J. RAMOS, JR.
District 33 (Hudson)
Co-Sponsored by:
Assemblywoman Lampitt, Assemblymen Prieto, Coutinho, Fuentes and Schaer
SYNOPSIS
Establishes a gross income tax credit for full time enrollment at four year institutions of higher education, county colleges and accredited post-secondary schools in New Jersey.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act establishing a gross income tax credit for taxpayers and their dependents attending four-year institutions of higher education, county colleges or accredited post-secondary schools in New Jersey, supplementing Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. A taxpayer who has gross income of $150,000 or less during the taxable year, who has paid one-half or more of the costs of tuition of a dependent under the age of 22 years who is a resident of this State and a full time student in good standing at a New Jersey four-year institution of higher education, a New Jersey county college, or an accredited post-secondary business, technical, trade or vocational school in this State shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to 10% of the cost of tuition, paid by the taxpayer during the taxable year, up to a maximum credit of $1,000. No credit shall be allowed under this subsection for a taxable year if the taxpayer has claimed a deduction for the dependent pursuant to section 1 of P.L.1976, c.84 (C.54A:3-1.1) for that taxable year.
b. A resident taxpayer who has gross income of $150,000 or less during the taxable year, who has paid costs of tuition for the taxpayer's full-time attendance in good standing at a New Jersey four-year institution of higher education, a New Jersey county college, or an accredited post-secondary business, technical, trade or vocational school in this State shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to 10% of the cost of tuition, paid by the taxpayer during the taxable year, up to a maximum credit of $1,000. No credit shall be allowed under this subsection for a taxable year if the taxpayer in attendance at a New Jersey four-year institution of higher education, a New Jersey county college, or an accredited post-secondary business, technical, trade or vocational school in this State is a dependent of another taxpayer who claims a credit for the taxpayer under subsection a. of this section for that taxable year.
2. This act shall take effect immediately and shall apply to taxable years beginning after enactment.
STATEMENT
This bill establishes a gross income tax credit for tuition costs paid for full time attendance at New Jersey four-year institutions of higher education, county colleges, and accredited post-secondary training schools. The tax credit is equal to 10% of tuition costs paid by a taxpayer either for a dependent under 22 years of age who is a resident of the State or for the taxpayer's own full time attendance, up to a maximum credit of $1,000 during the taxable year. Taxpayers with gross incomes of up to $150,000 are eligible for the tax credit
