Allows a gross income tax deduction for certain higher education tuition and fee expenses.

This bill (A3434) allows New Jersey taxpayers with gross income of $85,000 or less to deduct certain tuition and fee expenses paid for themselves, their spouse, or dependents enrolled as matriculated students at accredited public or independent colleges or universities. The deduction applies to expenses paid during the taxable year for higher education at institutions recognized by the U.S. Secretary of Education. It directly affects low-to-moderate income households with college students, reducing their taxable income. The bill takes effect immediately for taxable years beginning after enactment.