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NJ A4908

Bill

Official Source

Status

Introduced

10/17/2024

Primary Sponsor

Paul Kanitra

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Amends New Jersey Transfer Inheritance Tax Act to treat step-grandchildren the same as biological grandchildren and stepchildren for inheritance tax purposes

  • Step-grandchildren would become Class A beneficiaries exempt from transfer inheritance tax, rather than Class D beneficiaries

  • Currently, step-grandchildren face a 15% tax on property transfers up to $700,000 and 16% on amounts exceeding that threshold

  • The bill takes effect January 1, 2025

Legislative Description

Eliminates transfer inheritance tax for step-grandchildren.

Judiciary

Last Action

Introduced, Referred to Assembly Judiciary Committee

10/17/2024

Committee Referrals

Judiciary10/17/2024

Full Bill Text

No bill text available