Bill > S1295

This bill amends New Jersey law to eliminate transfer inheritance taxes on property inherited by a decedent's brothers and sisters, specifically for transfers made on or after January 1, 2014. Previously, such transfers were subject to inheritance tax rates ranging from 11% to 16% depending on the amount transferred and the date of the transfer. This change means that when a person dies, their siblings will no longer have to pay a state tax on the assets they inherit from them.