Bill Would Eliminate Transfer Inheritance Tax & Boost Threshold for Estate Tax
(TRENTON) – Noting the complexity of New Jersey’s tax structure and its impact on taxpayers, Assemblyman Joseph Lagana (D-Bergen/Passaic) is spearheading a bill that would provide needed tax relief by amending the transfer inheritance tax obligation for certain individuals.
“New Jerseyans carry the heavy burden of our exorbitant tax structure,” said Lagana. “We are a long way from extensive relief, but we can chip away at it by creating opportunities that lessen the burden on taxpayers, reinvigorate our economy and make life in New Jersey more affordable.”
The bill (A-3885) eliminates the transfer inheritance tax and increases the filing threshold and applicable exclusion amount under the New Jersey estate tax.
Specifically, the bill amends the New Jersey transfer inheritance tax to eliminate the tax on transfers made to brothers, sisters, daughters-in-law or sons-in-law.
“You would be hard-pressed to find a resident without strong opinions about taxes in our state. We have a duty to provide a reprieve for residents who are rightfully overwhelmed. This bill combined with other tax reform legislation can help us make a dent in New Jersey’s oppressive tax structure.”