NJ A1755

Repeals New Jersey's Transfer Inheritance Tax for all estate transfers of decedents dying on or after July 1, 2015

Eliminates multiple sections of Title 54 (chapters 33-37) of the Revised Statutes that govern the inheritance tax

Preserves the State's authority to collect taxes, interest, and penalties that accrued under the old law for decedents who died before July 1, 2015

Removes New Jersey from the group of only six states that impose an inheritance tax and ends its status as one of only two states (along with Maryland) that impose both inheritance and estate taxes

Currently, lateral transfers (to siblings, nieces, nephews, and non-relatives) are taxed at rates up to 16%, while transfers to spouses, ancestors, and descendants have been exempt since 1985