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Bill > A2730
NJ A2730
NJ A2730Exempts transfers of residential real property between family members from inheritance tax.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
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 the New Jersey transfer inheritance tax to exempt transfers of residential real property between certain family members who co-own the property. Specifically, it exempts transfers of residential real property, such as single-family homes or condominiums, from the inheritance tax when the property is passed down to family members who already co-own the property. The definition of "co-ownership" includes ownership by two or more family members who are exempt from the transfer inheritance tax, such as spouses, civil union partners, domestic partners, children, grandchildren, parents, and siblings. The bill will take effect immediately and apply to taxable years beginning on or after January 1 of the year following its enactment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
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/2024/A2730 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2730_I1.HTM |
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