A 4951
Exempts transfers of residential real property between family members from inheritance tax.
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill exempts 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 individuals who co-own residential property with other family members. This change aims to simplify estate planning and reduce tax burdens for families transferring property amongst themselves. The exemptions apply to transfers of land and buildings used as primary residences.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Vincent Kearney
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.