Establishes gross income tax credit and corporation business tax credit for student loan payments.

This New Jersey bill (S 1360) creates tax credits for residents and employers who pay student loans used for higher education expenses. Qualified taxpayers (New Jersey residents with associate’s, bachelor’s, or graduate degrees in STEM fields who worked in the state) can claim a credit against their state income tax equal to a portion of their student loan payments, based on a federal benchmark. Employers can also claim a credit for paying employees’ eligible student loans (100% for full-time, 50% for part-time), with unused credits carried forward up to seven years. The bill specifically targets STEM graduates and aims to reduce student debt burden through state tax incentives.