New Jersey S874 exempts transfers to lineal relatives from the Transfer Inheritance Tax.

New Jersey S874 amends the Transfer Inheritance Tax to exempt all transfers made to lineal relatives, including great grandparents and great grandchildren, from the tax. This change applies to transfers made on or after January 1, 2022. The bill also allows for refund claims for tax payments made on transfers before the bill's enactment but after January 1, 2022, if those payments become overpayments due to the bill. The bill ensures that related regulatory provisions remain applicable despite the changes.

New Jersey S874 exempts transfers to lineal relatives from the Transfer Inheritance Tax.

New Jersey S874 amends the Transfer Inheritance Tax to exempt all transfers made to lineal relatives, including great grandparents and great grandchildren, from the tax. This change applies to transfers made on or after January 1, 2022. The bill also allows for refund claims for tax payments made on transfers before the bill's enactment but after January 1, 2022, if those payments become overpayments due to the bill. The bill ensures that related regulatory provisions remain applicable despite the changes.