Governor Phil Murphy recently signed the Fiscal Year 2022 Appropriations Act into law, which included several provisions that will make college more affordable for some NJ taxpayers. The Act creates new tax deductions for households with income below $200,000, who will be able to deduct their first $10,000 in contributions to an NJBEST 529 savings plan, $10,000 in in-state tuition payments and $2,500 in NJCLASS student loan payments. Additionally, NJ taxpayers with annual income under $75,000 will get a matching contribution up to $750 for contributions into the NJ 529 plan. NJ is now among 35 states to offer a tax deduction for 529 contributions and among 15 states to offer a matching contribution. Also, NJ’s Community College Opportunity Grant (CCOG) currently offers residents with income under $65,000 free tuition for two years at an in-state community college and the Act extends this benefit to a student’s 3rd and 4th year at a 4-yr in-state college. For more information, click the following link: