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NJ A2991
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Erik Peterson
Click for details
AI Summary
- Reduces New Jersey transfer inheritance tax rates to 50% of current rates for all transfers made during the first full calendar year following enactment
- Eliminates the transfer inheritance tax entirely for all transfers made on or after the second January 1 following enactment
- Applies to taxes imposed under chapters 33 through 36 of Title 54 of the Revised Statutes, which currently tax "lateral" transfers (bequests to siblings, nieces/nephews, and non-relatives) at rates up to 16%
- Transfers to spouses, ancestors, and descendants are already exempt from the inheritance tax under existing law and remain unaffected
Legislative Description
Phases out the transfer inheritance tax over two years.
Regulated Professions
Last Action
Introduced, Referred to Assembly Regulated Professions Committee
1/13/2026
Committee Referrals
Regulated Professions1/13/2026
Full Bill Text
No bill text available