NJ S556

Bill

NJ S556

Exempts transfers of residential real property between family members from inheritance tax.

Introduced
01/09/2024

In Committee
01/09/2024

Crossed Over

Passed

Dead
01/12/2026

Introduced Session

2024-2025 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 New Jersey's transfer inheritance tax law to exempt residential real property from taxation when it is transferred between family members who co-own it. Previously, only certain close family relationships like spouses, children, and parents were exempt from this tax on property transfers. The bill defines "residential real property" as a single one- or two-family dwelling, including its land and outbuildings, and "co-ownership" as ownership by two or more family members who are already exempt from the transfer inheritance tax, as well as siblings, cousins, nieces, nephews, aunts, uncles, and in-laws. This change will take effect immediately and apply to tax years beginning on or after January 1 of the year following the bill's enactment.

Committee Categories

Budget and Finance

Sponsors (2)

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

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document

https://www.njleg.state.nj.us/bill-search/2024/S556

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2024/S556
BillText	https://pub.njleg.gov/Bills/2026/S1000/556_I1.HTM
BillText	https://pub.njleg.gov/Bills/2024/S1000/556_I1.HTM

Bill	Bill Name	Last Action	Type
A2730	Exempts transfers of residential real property between family members from inheritance tax.	Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee	Same As
A3366	Exempts transfers of residential real property between family members from inheritance tax.	Introduced, Referred to Assembly Commerce and Economic Development Committee	Carry Over
S882	Exempts transfers of residential real property between family members from inheritance tax.	Introduced in the Senate, Referred to Senate Budget and Appropriations Committee	Carry Over

Bill > S556

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary