Exempts transfers of residential real property between family members from inheritance tax.

This bill exempts transfers of residential real property between family members who already co-own the property from New Jersey's inheritance tax. It adds a new exemption category (subsection k) to the tax code, specifically covering co-owned homes like single-family dwellings or condos shared by family members such as siblings, cousins, or parents and children. Currently, only transfers to spouses, children, or certain other close relatives are exempt; this bill expands that to include co-owners regardless of their specific family relationship. The exemption applies immediately to taxable years starting January 1 after enactment.