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NJ S2427
Bill
Status
1/29/2024
Primary Sponsor
Robert Smith
Click for details
AI Summary
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Exempts all property transfers to lineal relatives (blood or legal descendants/ancestors beyond grandparents/grandchildren) from New Jersey's Transfer Inheritance Tax, expanding the Class A Transferee category.
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Applies retroactively to transfers made on or after January 1, 2022, allowing taxpayers who paid the tax during this period to apply for refunds within 3 years of enactment.
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Current law already exempts spouses, domestic partners, parents, children, grandchildren, and grandparents; this bill extends the exemption to great-grandparents, great-grandchildren, and all other direct lineal relatives.
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Refund claims based solely on this bill's enactment will not include interest payments.
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Sponsored by Senators Anthony M. Bucco (District 25) and Paul A. Sarlo (District 36), pre-filed for the 2026 session of the 222nd Legislature.
Legislative Description
Establishes "Solar Roof Installation Warranty Program" in EDA and transfers $2 million from societal benefits charge to initially fund program.
Budget and Appropriations
Last Action
Referred to Senate Budget and Appropriations Committee
6/10/2024