Exempts transfers of residential real property between family members from 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 proposes to exempt transfers of residential real property between family members in New Jersey from the state’s inheritance tax. Specifically, it expands the definition of ‘family member’ to include those who co-own residential property, allowing for transfers between these co-owners without triggering inheritance tax liability. This change aims to simplify property transfers within families and reduce potential tax burdens.
Bill text
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Document of record
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