Bill Text: NJ A735 | 2022-2023 | Regular Session | Introduced
Bill Title: Eliminates the New Jersey inheritance tax and repeals chapters 33 through 37 of Title 54 of the Revised Statutes.
Spectrum: Partisan Bill (Republican 10-0)
Status: (Introduced - Dead) 2022-01-11 - Introduced, Referred to Assembly Community Development and Affairs Committee [A735 Detail]
Download: New_Jersey-2022-A735-Introduced.html
STATE OF NEW JERSEY
220th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2022 SESSION
Sponsored by:
Assemblywoman DIANNE C. GOVE
District 9 (Atlantic, Burlington and Ocean)
Assemblyman BRIAN E. RUMPF
District 9 (Atlantic, Burlington and Ocean)
Assemblywoman NANCY F. MUNOZ
District 21 (Morris, Somerset and Union)
Co-Sponsored by:
Assemblymen S.Kean, Space, Webber, Peterson, DePhillips, Wirths and Assemblywoman Dunn
SYNOPSIS
Eliminates the New Jersey inheritance tax and repeals chapters 33 through 37 of Title 54 of the Revised Statutes.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act eliminating the inheritance tax and repealing chapters 33 through 37 of Title 54 of the Revised statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The following are repealed:
R.S.54:33-1 through R.S.54:33-12;
R.S.54:34-1 through R.S.54:34-13;
R.S.54:35-1 through R.S.54:35-22;
R.S.54:36-1 through R.S.54:36-7;
R.S.54:37-1 through R.S.54:37-8;
section 1 of P.L.1940, c.220 (C.54:33-9.1);
section 2 of P.L.1985, c.57 (C.54:33-14);
section 1 of P.L.1955, c.135 (C.54:34-1.1);
section 4 of P.L.1978, c.172 (C.54:35-4.1);
sections 1 and 2 of P.L.1947, c.369 (C.54:35-5.1 and
54:35-5.2);
section 2 of P.L.1956, c.54 (C.54:35-10.1); and
section 1 of P.L.1939, c.122 (C.54:35-23).
2. This act shall take effect immediately.
STATEMENT
This bill repeals the inheritance tax and the applicable sections of law. This legislation would remove the inheritance tax on Class C. and D. beneficiaries. A Class C beneficiary is a brother, sister, son-in-law or daughter-in-law. Class D beneficiaries are all others. The other classes have been exempted over the years.
