Provides gross income tax exclusion for capital gains from sale of certain employer securities by qualified businesses that result in net positive benefit to State.
Credits $400 million to "New Jersey Debt Defeasance and Prevention Fund"; appropriates $371 million to DOC, DLPS, South Jersey Port Corporation, and DOT; establishes process for authorizing future appropriations for debt defeasance and capital projects.
Directs Secretary of Higher Education to establish Legislative Youth Council and select institution of higher education in this State as host; makes changes to council's structure to provide flexibility in activities and operations.