Bill Text: NJ A999 | 2010-2011 | Regular Session | Introduced
Bill Title: Establishes a gross income tax credit for enrollment at a New Jersey college or university.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced, Referred to Assembly Higher Education Committee [A999 Detail]
Download: New_Jersey-2010-A999-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Assemblywoman L. GRACE SPENCER
District 29 (Essex and Union)
SYNOPSIS
Establishes a gross income tax credit for enrollment at a New Jersey college or university.
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 a New Jersey college or university, 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 paid one-half or more of the costs of tuition and maintenance of a dependent under the age of 22 years in attendance at a New Jersey college or university on a full-time basis or on a part-time basis if enrolled for at least six credit hours per semester in a curriculum leading to a degree or certificate 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. The credit shall equal the amount of the costs of tuition and maintenance paid up to a maximum credit of $500 for a full-time student and a maximum credit of $250 for a part-time student. 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 taxpayer who has paid costs of tuition and maintenance for the taxpayer's attendance at a New Jersey college or university on a full-time basis or on a part-time basis if enrolled for at least six credit hours per semester in a curriculum leading to a degree or certificate 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. The credit shall equal the amount of the costs of tuition and maintenance paid up to a maximum credit of $500 for a full-time student and a maximum credit of $250 for a part-time student. No credit shall be allowed under this subsection for a taxable year if the taxpayer in attendance at a New Jersey college or university is a dependent of another taxpayer who claims a credit for the taxpayer in attendance at a New Jersey college or university under subsection a. of this section for that taxable year.
As used in this act, "New Jersey college or university" means a public institution of higher education or an independent institution of higher education which receives direct State aid.
2. This act shall take effect immediately and shall apply to taxable years beginning on or after the January 1 next following enactment.
STATEMENT
This bill encourages greater opportunities for attendance at a New Jersey college or university by establishing a gross income tax credit for payment of tuition and maintenance costs for attendance at the college or university paid by a taxpayer either for a dependent under 22 years of age or for the taxpayer's own attendance. The credit would equal the amount of the costs of tuition and maintenance paid up to a maximum credit of $500 for a full-time student and a maximum credit of $250 for a part-time student.
