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Bill > A3446
NJ A3446
NJ A3446Exempts transfers of residential real property between family members from inheritance tax.
summary
Introduced
02/25/2020
02/25/2020
In Committee
02/25/2020
02/25/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill amends the New Jersey transfer inheritance tax to eliminate the tax on transfers of residential real property between family members who co-own residential real property. Currently, transfers of property between family members are only exempt from taxation if the family members are spouses, civil union partners, domestic partners, children, legally adopted children, mutually-acknowledged children, grandchildren, great-grandchildren, parents, grandparents, and stepchildren. This bill amends the New Jersey transfer inheritance tax to exempt property transfers between certain family members who co-own the residential real property. This bill will take effect immediately and apply to taxable years beginning on or after January 1, 2020.
AI Summary
This bill amends the New Jersey transfer inheritance tax to exempt transfers of residential real property between family members who co-own the property. Currently, transfers between certain family members, such as spouses and children, are exempt, but this bill expands the exemption to include other family members like siblings, cousins, and in-laws who co-own the property. The bill will take effect immediately and apply to taxable years starting on or after January 1, 2020.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 02/25/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A3500/3446_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A3500/3446_I1.PDF |
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