Bill

Bill > A3044


NJ A3044

Eliminates transfer inheritance taxes on brothers and sisters of a decedent.


summary

Introduced
01/09/2024
In Committee
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 brothers and sisters of a decedent for transfers made on or after January 1, 2022. Presently, transfers to brothers and sisters of a decedent are taxed according to the rate imposed on "Class C" beneficiaries, or at a rate of 11 to 16 percent depending on the amount transferred, with the first $25,000 exempt from taxation. This bill would effectively treat transfers to a brother or sister of a decedent on par with transfers to other immediate family members, including the spouse, domestic partner, civil union partner, father, mother, grandparent, or child of a decedent.

AI Summary

This bill amends the New Jersey transfer inheritance tax to eliminate the tax on brothers and sisters of a decedent for transfers made on or after January 1, 2022. Presently, transfers to brothers and sisters of a decedent are taxed at a rate of 11 to 16 percent depending on the amount transferred, with the first $25,000 exempt from taxation. This bill would effectively treat transfers to a brother or sister of a decedent on par with transfers to other immediate family members, such as a spouse, domestic partner, civil union partner, father, mother, grandparent, or child, which are not subject to the transfer inheritance tax.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

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

bill text


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