Bill
Bill > A3366
NJ A3366
NJ A3366Exempts transfers of residential real property between family members from inheritance tax.
summary
Introduced
03/07/2022
03/07/2022
In Committee
03/07/2022
03/07/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 of the year next following enactment.
AI Summary
This bill amends the New Jersey transfer inheritance tax to exempt transfers of residential real property between certain family members who co-own the property. Currently, transfers of property between family members are only exempt if the family members are spouses, civil union partners, domestic partners, children, adopted children, grandchildren, great-grandchildren, parents, grandparents, and stepchildren. This bill expands the exemption to include transfers between family members who co-own the residential real property, such as brothers, sisters, cousins, nieces, nephews, aunts, uncles, sisters-in-law, and brothers-in-law. The bill will take effect immediately and apply to taxable years beginning on or after January 1 of the year following enactment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 03/07/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A3366 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A3500/3366_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A3500/3366_I1.PDF |
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