Eliminates the New Jersey Transfer Inheritance Tax and repeals parts of chapters 33 through 37 of Title 54 of the Revised Statutes.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill eliminates the New Jersey Transfer Inheritance Tax, a tax levied on beneficiaries receiving assets from deceased residents. It also repeals specific sections of the Revised Statutes related to this tax. The law takes effect immediately and applies to transfers occurring on or after July 1, 2021, effectively removing the state’s inheritance tax system.
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