S.1867

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. Previously, transfers to brothers and sisters were taxed at rates ranging from 11 to 16 percent, with the first $25,000 exempt from taxation. This change aligns the tax treatment of transfers to siblings with that of other immediate family members, including spouses, domestic partners, parents, grandparents, and children of the decedent. The bill takes effect immediately upon enactment.