Bill > S2505

This bill eliminates the New Jersey Transfer Inheritance Tax, which was a tax levied on the value of assets transferred from a deceased person's estate to their beneficiaries, by repealing various sections of New Jersey's Revised Statutes related to this tax. The repeal is intended to apply to transfers from estates of individuals who die on or after July 1, 2015, meaning that for deaths occurring on or after that date, this inheritance tax will no longer be in effect. However, the bill specifies that this repeal will not affect any existing obligations, liens, or duties to pay taxes, interest, or penalties that have already accrued or may accrue under the old tax laws, nor will it impact the state's authority to audit records, assess, or collect taxes that were due or would have been due, including any associated interest and penalties. Essentially, while the tax is being abolished for future deaths, the state retains the right to enforce and collect any taxes owed under the old system for deaths that occurred before the effective date.