NJ A1523

Eliminates New Jersey transfer inheritance tax on property transfers to brothers and sisters of a decedent for transfers made on or after January 1, 2022.

Brothers and sisters currently classified as "Class C" beneficiaries face inheritance tax rates of 11% to 16% depending on the amount transferred, with only the first $25,000 exempt.

Amends R.S.54:34-2 to treat siblings on par with spouses, domestic partners, civil union partners, parents, grandparents, and children, who already receive transfers tax-free.

Sons-in-law and daughters-in-law (spouses of decedent's children) remain subject to the existing Class C tax rates of 11-16%.