NJ A2814

Repeals New Jersey's Transfer Inheritance Tax for estates of decedents dying on or after July 1, 2015, eliminating taxes on beneficiaries receiving assets based on their relationship to the deceased.

Removes statutory provisions in Title 54 (chapters 33-37) of the Revised Statutes that govern the inheritance tax framework, including tax rates up to 16% on "lateral" transfers to siblings, nieces, nephews, and non-relatives.

Preserves the State's authority to collect any inheritance taxes, interest, or penalties that accrued for deaths occurring before July 1, 2015.

Would make New Jersey no longer one of only six states imposing an inheritance tax and one of only two states (with Maryland) imposing both inheritance and estate taxes.