Bill
Bill > A3044
NJ A3044
Eliminates transfer inheritance taxes on brothers and sisters of a decedent.
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 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)
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/A3044 |
| BillText | https://pub.njleg.gov/Bills/2024/A3500/3044_I1.HTM |
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