NJ minimum wages goes up 1/1/26 –
Effective January 1, 2026, the New Jersey minimum wage is $15.92 per hour for most workers.
NJ College & Tuition Assistance
New Jersey College Loans to Assist State Students (NJCLASS)
You can deduct up to $2,500 of principal and interest paid on student loans during the year under NJCLASS if your gross income is $200,000 or less.
New Jersey Higher Education Institution Tuition Costs
If you, your spouse, or your dependent enroll in and attend a New Jersey institution of higher education, you can deduct up to $10,000 for tuition costs.
NJBEST 529 Plan
New Jersey’s NJBEST 529 plan offers significant benefits for residents: a state income tax deduction up to $10,000 per year for contributions (AGI under $200k), and a potential one-time $750 matching grant for lower-income families (AGI under $75k) on initial deposits.
New Jersey offers a one-time grant of up to $750 to match the initial contribution to a new NJBEST 529 College Savings Plan if certain eligibility criteria are met.
NJBEST $750 Matching Grant Program Eligibility and Details
- The account owner must be a New Jersey resident with a household adjusted gross income (AGI) between $0 and $75,000 in the year prior to application.
- The account must be a new NJBEST 529 plan opened on or after June 29, 2021, limited to one account per beneficiary.
- The initial contribution, which is the only one eligible for the match, must be made within 12 months of opening the account.
- Matched funds, including the initial contribution, must remain in the account for at least three years. Early withdrawal of these funds will result in forfeiture of the grant.
The grant matches the initial contribution dollar-for-dollar, up to a maximum of $750. For example, an initial deposit of $750 would receive a $750 match.
More details can be found on the HESAA website or the NJBEST website
https://www.nj.gov/treasury/taxation/individuals/collegededuction.shtml