A1755

New Jersey A1755 repeals the Transfer Inheritance Tax for transfers of estate for decedents dying on or after July 1, 2015.

New Jersey A1755 eliminates the Transfer Inheritance Tax, effective for transfers associated with deaths occurring on or after July 1, 2015. This repeal removes New Jersey from the list of states imposing an inheritance tax, and it affects the taxation of beneficiaries receiving assets from New Jersey resident decedents and certain New Jersey assets of nonresident decedents. The bill also repeals parts of chapters 33 through 37 of Title 54 of the Revised Statutes, but it does not affect the state's authority to audit records or enforce existing tax obligations.