"Student Loan Debt Relief Tax Credit Act"; establishes gross income tax credit of up to $5,000 for certain student loan payments and makes an appropriation.

This New Jersey bill creates a refundable tax credit of up to $5,000 per year for eligible residents who have at least $20,000 in student loan debt (with $5,000 still outstanding) for higher education. To qualify, taxpayers must use the credit toward repaying their student loans within two years of receiving it, and the credit is prioritized for NJ residents, those with high debt-to-income ratios, and first-time applicants. The state will fund the credit up to $10 million annually, with any credit reducing tax liability below zero resulting in a cash refund. It directly affects New Jersey taxpayers with qualifying student debt who file state income taxes.