New Jersey S619 eliminates transfer inheritance taxes on brothers and sisters of a decedent.
New Jersey S619 amends the state's transfer inheritance tax to eliminate the tax on transfers to brothers and sisters of a decedent for transfers made on or after January 1, 2022. Previously, such transfers were taxed according to the rate imposed on "Class C" beneficiaries, or at a rate of 11 to 16 percent depending on the amount transferred, with the first $25,000 exempt from taxation. This bill would effectively treat transfers to a brother or sister of a decedent on par with transfers to a spouse or domestic partner, imposing no tax on such transfers.
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