New Jersey Governor vetoes 529 tax deduction bill

(Update Jan. 18, 2012) New Jersey Governor Chris Christie has pocket vetoed the bill discussed below, thus denying New Jersey residents a state tax deduction for their contributions to NJBEST.

(Jan. 13, 2012) Legislation (A-3337, S-668) that would allow a gross income tax deduction on New Jersey tax returns for up to $10,000 for a married couple and up to $5,000 for a single taxpayer contributed to the New Jersey Better Educational Savings Trust (NJBEST) has been passed by the New Jersey Assembly and been sent to the Governor's desk for passage.
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