Bill Would Eliminate Transfer Inheritance Tax & Boost Threshold for Estate Tax
(2nd LEGISLATIVE DISTRICT) – Assemblyman Vince Mazzeo on Tuesday announced he’s introduced more tax reform legislation that is part of his plan to make Atlantic County and New Jersey more affordable.
“This is part of the initiatives I’ve already sponsored and will continue rolling out to make Atlantic County more affordable for our taxpayers,” said Mazzeo (D-Atlantic). “We need to look at every leg of the economic stool as we work to reinvigorate Atlantic City and its region. New Jersey’s tax structure is driving people out of this state and I believe this a needed step in revitalizing our economy.”
Mazzeo has already introduced property tax reform legislation, including bills to eliminate salary for part-time members of certain boards, commissions, and independent authorities; encourage shared services among local governments; reform property assessment; and provide property tax help for residents impacted by a natural disaster;
His latest 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.
“I view this bill as common sense and part of my overall effort to reform New Jersey’s antiquated and unaffordable tax structure,” Mazzeo said. “Taken together, these bills will make New Jersey – and especially Atlantic County – more affordable.”