S 1462 New Jersey Senate · 2026-2027 Regular Session

Modifies NJBEST one-time grant to lifetime matching grant of $1,500 per beneficiary.*

This bill changes New Jersey's NJBEST program by replacing a one-time $750 savings grant with an annual $1,500 grant for eligible contributors. It affects people or organizations opening NJBEST accounts with adjusted gross income between $0 and $75,000, who will now receive a three-to-one match on annual deposits (up to $1,500 per account). The grant applies each year before the designated beneficiary turns 14, instead of as a single initial payment. This policy update modifies an existing program established under P.L.2021, c.128 to provide ongoing savings incentives.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2026 Last action May 18, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Reprint · 4 edits

MODERATE

The NJBEST savings incentive grant was restructured from an annual grant of up to $1,500 per account into a lifetime matching grant of $1,500 per beneficiary. This significantly reduces the total value of the benefit for families who save over multiple years, as the full $1,500 cap is now spread across the life of the account rather than available each year until the beneficiary turns 14. Funding source language was also clarified to specify administrative fees or appropriations act funds.

Scope change

The scope of the financial benefit narrowed substantially. Under the introduced version, a qualifying family could receive up to $1,500 per year for each account until the beneficiary turned 14 (potentially thousands of dollars over time). Under the reprint, the total lifetime benefit is capped at $1,500 per beneficiary regardless of how many years they save or how many accounts they hold.

FISCAL

The grant changed from an annual savings incentive grant of up to $1,500 per account (renewable each year until the beneficiary turns 14) to a lifetime matching grant of $1,500 per beneficiary (a one-time total cap across all years). This is a major reduction in total benefit value for families who save consistently over multiple years.

Funding source language was expanded. The introduced version simply said 'subject to the availability of funds, as determined annually by the board.' The reprint specifies that funds come from 'available administrative fees' or 'other funds made available through the annual appropriations act,' giving more clarity on where money comes from.

ELIGIBILITY

The grant unit changed from 'per account' to 'per beneficiary,' meaning if a family has multiple NJBEST accounts for the same child, they would share a single $1,500 lifetime cap rather than receiving up to $1,500 per account.

TECHNICAL

The entire STATEMENT section (which described the bill's original annual grant structure) was removed, likely because it no longer accurately reflected the amended lifetime grant language.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

May 18, 2026

Committee

Referred to Senate Budget and Appropriations Committee

upper

Jan 13, 2026

Introduced

Introduced in the Senate, Referred to Senate Higher Education Committee

upper

1 primary · 0 co-sponsors