Eliminates transfer inheritance tax for step-grandchildren.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill would eliminate the New Jersey transfer inheritance tax for step-grandchildren. Currently, step-grandchildren are taxed as Class D beneficiaries, subject to a 15% tax on the first $700,000 and 16% on amounts exceeding that. The bill would reclassify step-grandchildren as Class A beneficiaries, similar to stepchildren and grandchildren, thereby exempting them from this tax. The law would take effect on January 1, 2025.
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