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NJ S3878
Bill
Status
11/18/2024
Primary Sponsor
Robert Singer
Click for details
AI Summary
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Amends R.S.54:34-2.1 to treat step-grandchildren (issue of stepchildren) the same as biological grandchildren for inheritance tax purposes, making them Class A beneficiaries exempt from transfer inheritance tax
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Currently, step-grandchildren are classified as Class D beneficiaries and taxed at 15% on transfers up to $700,000 and 16% on amounts exceeding that threshold
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Stepchildren and biological grandchildren already qualify as Class A beneficiaries under existing law and pay no transfer inheritance tax
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Takes effect January 1, 2025
Legislative Description
Eliminates transfer inheritance tax for step-grandchildren.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
11/18/2024