Eliminates the New Jersey Transfer Inheritance Tax and repeals parts of chapters 33 through 37 of Title 54 of Revised Statutes.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill eliminates the New Jersey Transfer Inheritance Tax, which is currently levied on beneficiaries receiving assets from deceased residents. It also repeals portions of several chapters within Title 54 of the Revised Statutes related to this tax. The law takes effect immediately and applies to transfers associated with deaths occurring on or after July 1, 2015, effectively removing New Jersey’s inheritance tax.
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