STATE OF NEW JERSEY
219th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2020 SESSION
Sponsored by:
Senator SANDRA B. CUNNINGHAM
District 31 (Hudson)
Senator NELLIE POU
District 35 (Bergen and Passaic)
Assemblyman THOMAS P. GIBLIN
District 34 (Essex and Passaic)
Assemblywoman BRITNEE N. TIMBERLAKE
District 34 (Essex and Passaic)
Assemblywoman MILA M. JASEY
District 27 (Essex and Morris)
Co-Sponsored by:
Senators Brown, T.Kean, Greenstein, Turner, Addiego and Assemblywoman Carter
SYNOPSIS
Provides that New Jersey Better Educational Savings Trust (NJBEST) Program scholarship may be awarded in any semester of attendance or enrollment at institution of higher education in State.
CURRENT VERSION OF TEXT
As reported by the Senate Higher Education Committee with technical review.
An Act concerning the New Jersey Better Educational Savings Trust (NJBEST) Program and amending N.J.S.18A:71B-42.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. N.J.S.18A:71B-42 is amended to read as follows:
18A:71B-42. a. An amount of no less than $500 shall be provided by the State for the qualified higher education expenses of a designated beneficiary at the time of a qualified withdrawal provided that:
(1) the contributor demonstrates, to the satisfaction of the authority, that the contributor participated in the program for at least four years by making a qualifying minimum initial deposit or qualifying minimum annual contributions, or both, as shall be determined by the authority, for a designated beneficiary;
(2) the designated beneficiary demonstrates, to the satisfaction of the authority, attendance or enrollment in a higher education institution in this State[, at the time of initial attendance or enrollment in the higher education institution]; and
(3) either the contributor, if an individual, or the designated beneficiary demonstrates, to the satisfaction of the authority, that the contributor or designated beneficiary is a New Jersey resident.
b. The amount provided under subsection a. of this section shall meet the requirements of a qualified scholarship within the meaning of section 117 of the federal Internal Revenue Code of 1986, 26 U.S.C.s.117, for a designated beneficiary satisfying the requirements of subsection a. of this section.
c. A designated beneficiary shall not receive more than one State scholarship provided pursuant to subsection a. of this section.
(cf: N.J.S.18A:71B-42)
2. This act shall take effect immediately.