Education

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Pou Bill to Assist Saving for Higher Education Through Tax Deduction Advances

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Senator Nellie Pou Credits: New Jersey Legislature
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TRENTON - A bill sponsored by Senate Commerce Committee Chairwoman Nellie Pou that would assist parents saving for their children's college tuition through a gross income tax deduction passed the Senate Higher Education Committee today.

"This bill will give parents another incentive to save for their children's higher education," said Senator Pou (D-Passaic/Bergen) "In a high-tax state like New Jersey, allowing taxpayers to set aside a portion of their gross income tax-free for higher education is very important. The New Jersey Better Educational Savings Trust exists for this very purpose. This bill is a sound investment in our children's education."

The bill, S-1604, would allow a taxpayer to deduct up to $5,000 per year or $2,500 per year for a married taxpayer filing separately for contributions into the New Jersey Better Educational Savings Trust. Currently, investments grow without being federally taxed and withdrawals for qualified higher expenses also are not federally taxed. Contributions are not tax deductible.

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Out of the 43 states with a state income tax, 34 allow for full or partial state income tax deductions on contributions to their state college savings plans.

The bill passed out of committee by a vote of 4-0 and advances to the Senate Budget and Appropriation Committee for further consideration

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Readers Says Let Developer Bring Paterson Back

July 13, 2018

Dear Editor: 

It is no secret that Paterson is in dire need of revitalizing, restructuring, rebuilding, and, quite frankly, rebranding. As a city, we have struggled to pay our municipal debt, to reduce crime substantially, to create sustainable employment opportunities for our youth and to provide assistance for our city’s most vulnerable residents. 

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Pascrell, Renacci, Senators Celebrate House Approval of Congressional Gold Medal to Baseball Pioneer Larry Doby

July 11, 2018

WASHINGTON, D.C. – Today, U.S. Representatives Bill Pascrell, Jr. (D-NJ-09) and Jim Renacci (R-OH-16) hailed the passage in the House of Representatives of H.R. 1861, the Larry Doby Congressional Gold Medal Act. The legislation awards the Congressional Gold Medal to the late baseball star, Larry Doby, who broke the American League’s color barrier in 1947.

“A proud ...

PATERSON MAYOR ANDRE SAYEGH APPOINTS MIKE POWELL AS ECONOMIC DEVELOPMENT DIRECTOR

PATERSON, NJ – Mayor Andre Sayegh today appointed Mike Powell as the city’s economic development director for the new city administration.

“Just as Alexander Hamilton looked to the Great Falls and saw the future of our nation, we look to the Great Falls and all of Paterson’s resources and see the prosperous future of our great city,” said Sayegh.

Newark Lures Amazon With $1 Billion Payroll Tax Incentive

July 12, 2018

NEWARK, NJ - Amazon will get a payroll tax break at a cost of $1 billion to the city should the company open its second headquarters here.

It’s one of two ordinances that were approved by the Newark City Council council to sweeten the deal for the corporate giant and stand out among other locations vying for Amazon’s so-called HQ2.

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I'm Sorry Mr. Jackson... I Am For Real

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RU Ready for Rutgers Football? Tickets on Sale

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