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  • NJ A423
  • Exempts principal residences from the transfer inheritance and estate taxes.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill exempts principal residences from the transfer inheritance and estate taxes. The purpose of this bill is to prevent accumulated wealth in the form of home ownership from triggering New Jersey's legacy taxes. As a high-home-value state, New Jersey residences often accumulate significant value over time. At death, this phenomenon can cause a punitive effect by triggering the imposition of significant legacy tax liabilities. This bill removes a decedent's principal residence as a taxable item for purposes of the transfer inheritance and estate taxes. At the technical level, the bill's principal residence exemption is contingent on the decedent's use of the home as a legal residence during the 183 days preceding death. The bill applies to estates and transfers associated with deaths occurring on or after the July 1 first following the date of enactment.
Budget
Introduced, Referred to Assembly Budget Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Budget Committee
Date Motion Yea Nay Other
None specified