Bill
Bill > A3197
summary
Introduced
02/22/2016
02/22/2016
In Committee
02/22/2016
02/22/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 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, 2016. 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 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, 2016. Presently, transfers to brothers and sisters are taxed at a rate of 11 to 16 percent, depending on the amount transferred, with the first $25,000 exempt from taxation. This bill treats transfers to a brother or sister on par with transfers to other immediate family members, such as a spouse or child, which are not subject to the transfer inheritance tax.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Introduced, Referred to Assembly Budget Committee (on 02/22/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/A3500/3197_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A3500/3197_I1.PDF |
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