Exempts transfers of residential real property between family members from inheritance tax in New Jersey.

This bill amends the New Jersey transfer inheritance tax to exempt property transfers between certain family members who co-own residential real property. The exemption applies to transfers of residential real property between family members, including brothers, sisters, cousins, nieces, nephews, aunts, uncles, sisters-in-law, and brothers-in-law. The bill takes effect immediately and applies to taxable years beginning on or after January 1 of the year next following enactment.

Exempts transfers of residential real property between family members from inheritance tax in New Jersey.

This bill amends the New Jersey transfer inheritance tax to exempt property transfers between certain family members who co-own residential real property. The exemption applies to transfers of residential real property between family members, including brothers, sisters, cousins, nieces, nephews, aunts, uncles, sisters-in-law, and brothers-in-law. The bill takes effect immediately and applies to taxable years beginning on or after January 1 of the year next following enactment.