New Jersey Statutes 54:34-2. Transfer inheritance tax; phase-out
Terms Used In New Jersey Statutes 54:34-2
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
For transfers made through December 31, 1984:
On any amount in excess of $15,000.00, up to $50,000.00 ……… 2%
On any amount in excess of $50,000.00, up to $100,000.00 …….. 3%
On any amount in excess of $100,000.00, up to $150,000.00 ……. 4 %
On any amount in excess of $150,000.00, up to $200,000.00 ……. 5%
On any amount in excess of $200,000.00, up to $300,000.00 ……. 6%
On any amount in excess of $300,000.00, up to $500,000.00 ……. 7%
On any amount in excess of $500,000.00, up to $700,000.00 ……. 8%
On any amount in excess of $700,000.00, up to $900,000.00 ……. 9%
On any amount in excess of $900,000.00, up to $1,100,000.00 … 10%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 ..11%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 ..12%
On any amount in excess of $1,700,000.00, up to $2,200,000.00 ..13%
On any amount in excess of $2,200,000.00, up to $2,700,000.00 …14%
On any amount in excess of $2,700,000.00, up to $3,200,000.00 ..15%
On any amount in excess of $3,200,000.00 ………………………… 16%
For transfers made on or after January 1, 1985 there shall be no tax imposed under this paragraph.
(2) The transfer of property to a father, mother, grandparent, child or children of a decedent, or to any child or children adopted by the decedent in conformity with the laws of this State, or of any of the United States or of a foreign country, or the issue of any child or legally adopted child of a decedent, shall be taxed at the following rates:
For transfers through June 30, 1985:
On any amount in excess of $15,000.00, up to $50,000.00 …….. 2%
On any amount in excess of $50,000.00, up to $100,000.00 ……. 3%
On any amount in excess of $100,000.00, up to $150,000.00 …… 4%
On any amount in excess of $150,000.00, up to $200,000.00 …… 5%
On any amount in excess of $200,000.00, up to $300,000.00 …… 6%
On any amount in excess of $300,000.00, up to $500,000.00 …… 7%
On any amount in excess of $500,000.00, up to $700,000.00 …… 8%
On any amount in excess of $700,000.00, up to $900,000.00 …… 9%
On any amount in excess of $900,000.00, up to $1,100,000.00 … 10%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 . 11%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 . 12%
On any amount in excess of $1,700,000.00, up to $2,200,000.00 ..13%
On any amount in excess of $2,200,000.00, up to $2,700,000.00 ..14%
On any amount in excess of $2,700,000.00, up to $3,200,000.00 ..15%
On any amount in excess of $3,200,000.00 ………………………… 16%
For transfers made from July 1, 1985 through June 30, 1986:
On any amount in excess of $50,000.00, up to $100,000.00 ……. 3%
On any amount in excess of $100,000.00, up to $150,000.00 …… 4%
On any amount in excess of $150,000.00, up to $200,000.00 …… 5%
On any amount in excess of $200,000.00, up to $300,000.00 …… 6%
On any amount in excess of $300,000.00, up to $500,000.00 …… 7%
On any amount in excess of $500,000.00, up to $700,000.00 …… 8%
On any amount in excess of $700,000.00, up to $900,000.00 …… 9%
On any amount in excess of $900,000.00, up to $1,100,000.00 ….10%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 ..11%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 ..12%
On any amount in excess of $1,700,000.00, up to $2,200,000.00 ..13%
On any amount in excess of $2,200,000.00, up to $2,700,000.00 ..14%
On any amount in excess of $2,700,000.00, up to $3,200,000.00 ..15%
On any amount in excess of $3,200,000.00 ……………………….. 16%
For transfers made from July 1, 1986 through June 30, 1987:
On any amount in excess of $150,000.00, up to $200,000.00 …… 5%
On any amount in excess of $200,000.00, up to $300,000.00 …… 6%
On any amount in excess of $300,000.00, up to $500,000.00 …… 7%
On any amount in excess of $500,000.00, up to $700,000.00 …… 8%
On any amount in excess of $700,000.00, up to $900,000.00 …… 9%
On any amount in excess of $900,000.00, up to $1,100,000.00 … 10%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 . 11%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 ..12%
On any amount in excess of $1,700,000.00, up to $2,200,000.00 ..13%
On any amount in excess of $2,200,000.00, up to $2,700,000.00 ..14%
On any amount in excess of $2,700,000.00, up to $3,200,000.00 ..15%
On any amount in excess of $3,200,000.00 ………………………… 16%
For transfers made from July 1, 1987 through June 30, 1988:
On any amount in excess of $250,000.00, up to $300,000.00 ………… 6%
On any amount in excess of $300,000.00, up to $500,000.00 …… 7%
On any amount in excess of $500,000.00, up to $700,000.00 …… 8%
On any amount in excess of $700,000.00, up to $900,000.00 …… 9%
On any amount in excess of $900,000.00, up to $1,100,000.00 … 10%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 . 11%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 . 12%
On any amount in excess of $1,700,000.00, up to $2,200,000.00 ..13%
On any amount in excess of $2,200,000.00, up to $2,700,000.00 ..14%
On any amount in excess of $2,700,000.00, up to $3,200,000.00 ..15%
On any amount in excess of $3,200,000.00 ………………………… 16%
For transfers made on or after July 1, 1988 there shall be no tax imposed under this subsection.
b. (Deleted by amendment.)
c. The transfer of property to a brother or sister of a decedent, wife or widow of a son of a decedent, or husband or widower of a daughter of a decedent shall be taxed at the following rates:
(1) For transfers through June 30, 1988:
On any amount up to $1,100,000.00 ………………………………….. 11%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 ..13%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 ..14%
On any amount in excess of $1,700,000.00 …………………………16%
(2) For transfers made on or after July 1, 1988:
On any amount in excess of $25,000.00, up to $1,100,000.00 …. .11%
On any amount in excess of $1,100,000.00, up to $1,400,000.00 ..13%
On any amount in excess of $1,400,000.00, up to $1,700,000.00 ..14%
On any amount in excess of $1,700,000.00 ……………………. 16%
d. The transfer of property to every other transferee, distributee or beneficiary not hereinbefore classified shall be taxed at the following rates:
On any amount up to $700,000.00 ……………………………………… 15%
On any amount in excess of $700,000.00 ……………………………. 16%
For every purpose of this subtitle all persons, including the decedent, shall be deemed to have been born in lawful wedlock and this provision shall apply to the estate of every decedent whether said decedent died before March 25, 1935, or shall die thereafter, but it shall not entitle any person to a refund of any tax paid before the aforementioned date.
Amended 1962, c.15, s.1; 1962, c.61, s.1; 1977, c.219, s.1; 1985, c.57, s.1; 2003, c.246, s.37.