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NJ S529
Bill
Status
Introduced
1/9/2024
Primary Sponsor
Jon Bramnick
Click for details
AI Summary
- Exempts Holocaust reparations payments and distributions from New Jersey's transfer inheritance tax when passed to beneficiaries at death
- Covers payments received by individuals persecuted by Nazi Germany, Axis regimes, or Nazi-controlled countries, as well as their eligible descendants up to two generations removed
- Eligible payments include government reparations, legal settlement proceeds, compensation for stolen assets, insurance policy proceeds from European insurers, and associated interest
- Value of exemption is calculated based on the clear market value of payments when originally received by the decedent
- Takes effect 90 days after enactment and applies to deaths occurring on or after that date
Legislative Description
Requires Governor and legislative leaders to meet together quarterly.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/9/2024
Committee Referrals
State Government, Wagering, Tourism & Historic Preservation1/9/2024
Full Bill Text
No bill text available