Bill > S882

Introduced Session

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 of the year next following enactment.

AI Summary

Committee Categories

Jon Bramnick (R)*,  Patrick Diegnan (D), 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/27/2022)

Official Document