Student-loan tax-credit bill clears committee

TRENTON – The Assembly Higher Education Committee released a bill that would provide a gross income tax credit for interest paid on certain student loans.

The bill, A4259, sponsored by Annette Quijano, would provide a 100 percent credit on loans provided by the state and federal government and commercial lenders.

The loans could only be used for educational purposes – tuition, fees, room and board, etc.

The Association of Independent Colleges and Universities of New Jersey supports the bill.

Only Assemblyman Sam Thompson abstained, saying he has concerns, mainly the total cost.

“I think the bill needs more work,” he said.