New Jersey A 6187: Modifies matching grant criteria for New Jersey Better Educational Savings Trust accounts.

Bill Text

ASSEMBLY, No. 6187
STATE OF NEW JERSEY
221st LEGISLATURE

INTRODUCED DECEMBER 8, 2025

Sponsored by:
Assemblyman ALEXANDER "AVI" SCHNALL
District 30 (Monmouth and Ocean)

SYNOPSIS
Modifies matching grant criteria for New Jersey Better Educational Savings
Trust accounts.

CURRENT VERSION OF TEXT
As introduced.

A6187 SCHNALL
2

EXPLANATION – Matter enclosed in bold-faced brackets [thus] in the above bill is
not enacted and is intended to be omitted in the law.

Matter underlined thus is new matter.

AN ACT concerning New Jersey Better Educational Savings Trust 1
accounts and amending P.L.2021, c.128. 2
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BE IT ENACTED by the Senate and General Assembly of the State 4
of New Jersey: 5
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1. Section 2 of P.L.2021, c.128 (C.18A:71B-42.1) is amended to 7
read as follows: 8
2. a. A NJBEST account when it is initially opened by a taxpayer 9
with gross income of $75,000 or less shall be eligible for [a one-10
time grant of up to $750]one or more grants in a dollar-for-dollar 11
match of [the initial deposit] all initial deposits to the account up to 12
a total of $750. 13
b. Notwithstanding the provisions of the "Administrative 14
Procedure Act," P.L.1968, c.410 (C.52:14B -1 et seq.), to the 15
contrary, the authority may adopt, immediately upon filing with the 16
Office of Administrative Law, rules that the authority deems 17
necessary for the appropriate administration and implementation of 18
the provisions of this section, including, a minimum length of time 19
for participation in the NJBEST program in order to maintain 20
eligibility for the credit established pursuant to this section, which 21
rules shall be effective for a period not to exceed 360 days from the 22
date of the filing. The authority shall thereafter amend, adopt, or 23
readopt the rules in accordance with the requirements of P.L.1968, 24
c.410 (C.52:14B-1 et seq.). 25
(cf: P.L.2021, c.128, s.2) 26
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2. This act shall take effect immediately. 28
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STATEMENT 31
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This bill modifies the matching grant program for New Jersey 33
Better Educational Savings Trust (NJBEST) accounts to provide 34
that certain account holders are eligible for a dollar-for-dollar 35
matching grant of all initial deposits to the account up to $750. 36
Under current law, certain account holders are only eligible for a 37
dollar-for-dollar matching grant of the initial deposit up to $750. 38