Bill Text: NJ S3704 | 2020-2021 | 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 1-0)
Status: (Introduced - Dead) 2021-04-26 - Introduced in the Senate, Referred to Senate Budget and Appropriations Committee [S3704 Detail]
Download: New_Jersey-2020-S3704-Introduced.html
Sponsored by:
Senator KRISTIN M. CORRADO
District 40 (Bergen, Essex, Morris and Passaic)
SYNOPSIS
Eliminates the New Jersey inheritance tax and repeals chapters 33 through 37 of Title 54 of the Revised Statutes.
CURRENT VERSION OF TEXT
As introduced.
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 The following are repealed: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.
