A1242 — Exempts transfers of property to Class C beneficiaries from transfer inheritance tax and increases filing threshold and applicable exclusion amount under estate tax to $5,000,000 over five-year period.

A1242 — Exempts transfers of property to Class C beneficiaries from transfer inheritance tax and increases filing threshold and applicable exclusion amount under estate tax to $5,000,000 over five-year period. · Informed CitizenryThis bill amends New Jersey law to exempt property transfers to Class C beneficiaries from the transfer inheritance tax. Class C beneficiaries include the brother or sister of a decedent, or the hu…Open in Informed Citizenry