Provides gross income tax deductions for certain education loan payments made by certain taxpayers.

This New Jersey bill (A933) allows eligible residents to deduct education loan payments from their state gross income tax. Taxpayers with New Jersey taxable income under $75,000 can deduct both principal and interest on loans for their own education, while those earning $75,000-$150,000 can only deduct interest. For loans paid on behalf of a dependent, taxpayers earning under $100,000 can deduct principal and interest, and those earning $100,000-$175,000 can deduct interest only. The deduction uses federal definitions for "qualified education loan" and "dependent," and applies to taxable years starting after enactment.