Improves management and administration of New Jersey Better Education Savings Trust program; establishes grants and additional tax incentives for New Jersey Better Education Savings and Trust account contributions; creates New Jersey Better Education Savings and Trust Advisory Council.

This bill (S 1450) updates New Jersey's NJBEST education savings program to make it more accessible for families. It increases the state income tax deduction for contributions to $15,000 (from $10,000) for taxpayers earning $300,000 or less annually, and creates two new grant programs: a $1,000 one-time match for initial deposits by low-income families ($150,000 income or less), plus a $500 grant for transferring funds from out-of-state 529 plans. The bill also establishes a new NJBEST Advisory Council to guide the program and ensures account balances up to $50,000 won't count against students for state financial aid. These changes directly affect New Jersey families saving for higher education expenses through the NJBEST program.