Establishes gross income tax credit and corporation business tax credit for student loan payments.

This bill creates tax credits for New Jersey residents and employers who pay student loans used for education expenses. Individual taxpayers can claim a credit against their state income tax for payments made on qualifying loans (federal, state, or commercial) used for tuition, fees, and related education costs, equal to the lesser of their actual payments or a standard benchmark amount. Employers can claim a similar credit for payments made on behalf of qualifying employees (with part-time employees reducing the credit by 50%). The credit is refundable for STEM graduates (associate or bachelor’s degrees) who earned the degree and worked in New Jersey during the tax year. It applies to loans obtained for enrollment at accredited institutions of higher education.