Allows gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs for employees and for employee's student loans.

This bill allows New Jersey employees to deduct up to $5,250 annually from their gross income tax for employer-paid educational assistance (like tuition, fees, or textbooks) and up to $5,250 for employer-paid student loan payments toward qualified higher education expenses. It directly affects employees who receive these benefits from their employers, provided the assistance meets federal tax exclusion rules under Section 127 of the IRS Code. Educational assistance must be part of a written employer plan and cover costs for courses not related to sports or hobbies, while student loan payments must address principal or interest on debt for qualified education expenses. The deduction applies in addition to other tax exemptions and takes effect immediately upon enactment.