Bill
Bill > A1523
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 New Jersey's transfer inheritance tax law to eliminate the tax on property transferred to a decedent's brothers and sisters for transfers made on or after January 1, 2022. Currently, such transfers are subject to a "Class C" tax rate, which ranges from 11% to 16% depending on the amount transferred, with the first $25,000 being exempt. By removing this tax, the bill treats transfers to siblings the same as those to other close family members like spouses, parents, grandparents, and children, who already benefit from more favorable tax treatment or exemptions.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Regulated Professions Committee (on 01/13/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/A1523 |
| BillText | https://pub.njleg.gov/Bills/2026/A2000/1523_I1.HTM |
Loading...