Phases out the transfer inheritance tax over two years.

This bill phases out New Jersey's transfer inheritance tax over two years. For the first year after enactment, the tax rate is reduced to 50% of current rates for taxable transfers (such as those to siblings or non-relatives). In the second year, the tax is eliminated entirely for all transfers. It directly affects individuals inheriting property that would have been subject to the tax under current law, including non-spousal and non-lineal transfers. The change applies to all estates, whether the decedent was a New Jersey resident or not.