Bill > A3794

This bill eliminates the New Jersey Transfer Inheritance Tax, which was a tax on the value of assets passed from a deceased person to their beneficiaries, by repealing numerous sections of Title 54 of the Revised Statutes that established and governed this tax. While the repeal takes effect immediately and applies to deaths occurring on or after July 1, 2015, it includes provisions to ensure that any tax obligations, liens, duties, interest, or penalties that accrued or may accrue under the old tax laws, or for any redeterminations or assessments related to deaths before that date, remain enforceable and collectible by the State, meaning past tax liabilities will still be handled as if the tax were still in effect.