Bill > S874

Introduced Session

This bill exempts all transfers made to lineal relatives from the Transfer Inheritance Tax. The purpose of the bill is to expand the category of familial transferees covered as exempt Class A Transferees to include lineal relatives that descend or ascend from the decedent by blood or law beyond the first two generations of offspring. Under current law, the Transfer Inheritance Tax explicitly exempts spouses, domestic partners, fathers, mothers, children, grandchildren, and grandparents as Class A Transferees. However, the statute does not explicitly extend exempt Class A Transferee status to such lineal relatives as great grandparents or great grandchildren. This bill extends exempt Class A Transferee status to all lineal relatives that descend or ascend from the decedent by blood or law. The bill's extension of the Class A Transferee exemption to all lineal relatives applies to transfers made on or after January 1, 2022. The bill allows refund claims for Transfer Inheritance Tax payments for transfers made on or after January 1, 2022, but before the date of enactment, which become overpayments due to the enactment of the bill. The bill also contains an administrative provision to maintain the applicability of related regulatory provisions that may otherwise become obsolete on account of the bill's enactment.

AI Summary

Committee Categories

Tony Bucco (R)*,  Paul Sarlo (D)*, 

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

Official Document