Eliminates transfer inheritance taxes on brothers and sisters of a decedent in New Jersey.
This bill amends the New Jersey transfer inheritance tax to eliminate the tax on brothers and sisters of a decedent for transfers made on or after January 1, 2022. Currently, transfers to brothers and sisters are taxed at rates of 11 to 16 percent, depending on the amount transferred, with the first $25,000 exempt from taxation. This bill would make transfers to siblings tax-free, aligning them with transfers to spouses and domestic partners.
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- Core Provisions
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