Allows gross income tax deduction for employees for amounts paid by employers for certain educational assistance programs for employees and for employee's student loans.

This bill allows New Jersey employees to deduct from their gross income amounts paid by their employers for two types of benefits: (1) educational assistance for courses (not sports/hobbies) and (2) payments toward the employee's student loans. The deduction is capped at $5,250 per year for each benefit type, aligning with federal tax exclusion limits under Section 127 of the Internal Revenue Code. It applies to employer-paid tuition, fees, textbooks, and student loan principal/interest payments for qualified higher education expenses. The policy directly affects employees who receive these employer-provided benefits and employers offering such programs in New Jersey.