New Jersey A2814 repeals the Transfer Inheritance Tax for transfers of estate for decedents dying on or after July 1, 2015.

New Jersey A2814 eliminates the Transfer Inheritance Tax and repeals parts of chapters 33 through 37 of Title 54 of Revised Statutes. The bill applies to transfers of estate for decedents dying on or after July 1, 2015, removing New Jersey's distinction as one of only six states to impose an inheritance tax. The repeal does not affect any accrued obligations, liens, or duties to pay taxes, interest, or penalties. The bill removes all taxable classes of beneficiaries, including those to spouses, ancestors, descendants, and nonrelatives, which were taxed at rates up to 16 percent.

New Jersey A2814 repeals the Transfer Inheritance Tax for transfers of estate for decedents dying on or after July 1, 2015.

New Jersey A2814 eliminates the Transfer Inheritance Tax and repeals parts of chapters 33 through 37 of Title 54 of Revised Statutes. The bill applies to transfers of estate for decedents dying on or after July 1, 2015, removing New Jersey's distinction as one of only six states to impose an inheritance tax. The repeal does not affect any accrued obligations, liens, or duties to pay taxes, interest, or penalties. The bill removes all taxable classes of beneficiaries, including those to spouses, ancestors, descendants, and nonrelatives, which were taxed at rates up to 16 percent.