S1462 • 2026

Modifies NJBEST one-time grant to lifetime matching grant of $1,500 per beneficiary.*

Budget

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Cryan, Joseph P.
Last action: 2026-05-18
Official status: Referred to Senate Budget and Appropriations Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Modifies NJBEST one-time grant to lifetime matching grant of $1,500 per beneficiary.*

Modifies NJBEST one-time grant to lifetime matching grant of $1,500 per beneficiary.* Topic: Budget and Appropriations Fiscal note: This bill has been certified by OLS for a fiscal note.

What This Bill Does

Modifies NJBEST one-time grant to lifetime matching grant of $1,500 per beneficiary.* Topic: Budget and Appropriations Fiscal note: This bill has been certified by OLS for a fiscal note.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-05-18 New Jersey Legislature
Reported from Senate Committee with Amendments, 2nd Reading
2026-05-18 New Jersey Legislature
Referred to Senate Budget and Appropriations Committee
2026-01-13 New Jersey Legislature
Introduced in the Senate, Referred to Senate Higher Education Committee

Official Summary Text

Modifies NJBEST one-time grant to lifetime matching grant of $1,500 per beneficiary.*
Topic:
Budget and Appropriations
Fiscal note:
This bill has been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text

S1462 SHI Statement 5/18/26

SENATE HIGHER EDUCATION COMMITTEE

STATEMENT TO

SENATE, No.
1462

with
committee amendments

STATE
OF NEW JERSEY

DATED:
�MAY 18,
2026

����� The Senate Higher Education Committee reports
favorably and with committee amendments Senate Bill No. 1462.

����� As amended, this bill increases the New Jersey Better
Educational Savings Trust (NJBEST) grant from a one-time $750 matching grant to
a lifetime matching grant of $1,500 per beneficiary.�

����� Current law establishes that an NJBEST account opened
on or after June 29, 2021 that is owned by a taxpayer with an adjusted gross
income below $75,000 may receive a dollar-for-dollar match grant of the initial
deposit, up to $750.

���� Under the bill,
subject to the
amount
of available administrative fees
, as
determined annually by the board of the Higher Education Student Assistance
Authority,
or annual appropriations
, an
NJBEST account for which the contributor has an adjusted gross income of� at
least $0 and not more than $75,000 will be eligible for an annual savings
incentive grant for each year preceding the year in which the designated
beneficiary will become 14 years of age. The annual savings incentive grant will
be equal to three dollars for every dollar deposited into the account each
year, up to a maximum
lifetime matching

grant of $1,500 per
beneficiary
.

����� This bill was pre-filed for introduction in the
2026-2027 session pending technical review.� As reported, the bill includes the
changes required by technical review, which has been performed.

COMMITTEE AMENDMENTS
:

����� The committee amended the bill to revise the amount of
the NJBEST grant that will be available to eligible contributors to a maximum
lifetime matching grant of $1,500 per beneficiary.� The bill, as introduced,
would have provided certain contributors with annual grants of up to $1,500
each year until the designated beneficiary became 14 years of age.�� ������