Bill > A2550

Introduced Session

This bill reduces and finally eliminates the New Jersey transfer inheritance tax over two years. The New Jersey transfer inheritance tax is one of the State's oldest taxes, originating in 1892 and imposed in roughly its present form since 1909. The tax is imposed on the transfer of all personal and real property in the estates of New Jersey resident decedents and on all tangible and real property located in New Jersey in the estates of nonresident decedents. The tax was extensively revised in 1985 to exempt from taxation transfers to spouses, ancestors and descendants of the decedent, but "lateral" transfers, bequests to brothers and sisters of the decedent or their children, and to nonrelatives are taxed at rates up to 16%. This bill eliminates the transfer inheritance tax over two years. In the first calendar year following enactment of the bill, all of the transfers that are currently taxable remain taxable, but at 50% of the current tax rates. In the second year following enactment, taxes are no longer imposed.

AI Summary

Committee Categories

Michael Inganamort (R)*,  Erik Peterson (R)*,  Jay Webber (R)*,  Dawn Fantasia (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document