Provides a STEM graduate retention tax credit for certain employers who pay certain employees' education loan debt.

This bill creates a tax credit for New Jersey employers who pay up to $5,000 annually toward the student loans of qualifying STEM graduates. It directly affects employers in the state who hire full-time employees with STEM degrees from New Jersey public colleges, who live and work in New Jersey, and have outstanding, non-defaulted student loans. Employers can claim this credit against corporation business tax or gross income tax, with eligibility certified by the Higher Education Student Assistance Authority. The credit applies to loans paid on or after the date the bill takes effect (January 1 following enactment).