Allows gross income deduction for all wage income received by high school and college graduates during two consecutive taxable years following graduation from in-State school.

This bill allows New Jersey residents who graduated from an in-state high school or college to deduct all their wage income from state income tax for two consecutive years after graduation. It directly affects recent graduates who live in New Jersey for the entire tax year of the deduction. To qualify, graduates must have earned a diploma from a New Jersey high school or a bachelor’s degree from a New Jersey public or private institution meeting specific accreditation standards. The deduction applies to all salaries, wages, and other earnings received during those two years, with no income limit.