At its meeting on February 29, the New Jersey State Senate Budget and Appropriations Committee began the process of repealing the Estate Tax in New Jersey by passing S-1728. This bipartisan legislation phases out the New Jersey Estate Tax over a period of five years.
Under current laws, the Estate Tax takes effect when a home that is worth over $675,000 is inherited. If this legislation is enacted, the amount would be raised over five years until the tax is completely eliminated. The bill now must still be approved by the full Senate and Assembly before it can reach the Governor’s desk.