"Holocaust Reparations Tax Exemption Act"; exempts value of certain payments to Holocaust survivors and their eligible descendants from transfer inheritance tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill, the Holocaust Reparations Tax Exemption Act, exempts the value of certain payments and distributions received by Holocaust survivors and their eligible descendants from New Jersey’s transfer inheritance tax. These payments, often resulting from restitution or compensation for assets lost during World War II, are defined broadly to include payments from various sources like foreign countries or legal settlements. The exemption applies to payments received during the recipient’s lifetime and transferred at death, ensuring these funds are not subject to tax and can be passed on to future generations.
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Sponsors
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2 on record
Primary sponsor
James Beach
Cosponsor
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