Bill Text: NJ S2484 | 2016-2017 | Regular Session | Amended
Bill Title: Allows gross income tax deduction for certain student loan interest.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Engrossed - Dead) 2016-12-19 - Received in the Assembly, Referred to Assembly Higher Education Committee [S2484 Detail]
Download: New_Jersey-2016-S2484-Amended.html
Sponsored by:
Senator NIA H. GILL
District 34 (Essex and Passaic)
Senator SANDRA B. CUNNINGHAM
District 31 (Hudson)
SYNOPSIS
Allows gross income tax deduction for certain student loan interest.
CURRENT VERSION OF TEXT
As reported by the Senate Budget and Appropriations Committee on December 15, 2016, with amendments.
An Act allowing a gross income tax deduction for certain interest paid on student loans, supplementing Title 54A 1and Title 18A1 of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. A taxpayer shall be allowed to deduct from gross income for the taxable year pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., an amount equal to that deduction to which the taxpayer is allowed, if any, under section 221 of the federal Internal Revenue Code of 1986 (26 U.S.C. s.221), for interest paid by the taxpayer during the taxable year on any qualified education loan as therein defined.
12. A public or independent institution of higher education shall post on its website and include in any financial aid "shopping sheet" provided to students, information on the gross income tax deduction for interest paid on qualified education loans allowed pursuant to section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill).1
1[2.] 3.1 This act shall take effect immediately and apply to taxable years beginning on or after the January 1 next following the date of enactment.
