Bill > S2451

This bill amends existing laws concerning estate and transfer taxes to create a streamlined process for estates that do not owe state or federal taxes. Specifically, it allows an executor, administrator, heir-at-law, or a person in possession of real property, or a trustee, to file a sworn statement with the decedent's municipality. This statement simply declares that the value of the decedent's gross estate (the total value of everything the person owned at death) is low enough that no state or federal estate tax filing is required. Once this statement is recorded by the municipality, the division of taxation will then issue a discharge of any estate tax lien, effectively clearing any potential tax encumbrance on the estate. This new provision applies to estates of decedents who die on or after January 1, 2025, and removes the previously required $50 filing fee for such statements for these estates. The bill also clarifies that this process takes effect immediately upon its passage.

Budget and Finance

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