Exempts all transfers made to lineal relatives from the Transfer Inheritance Tax.

S 874 (New Jersey Senate Bill) exempts all property transfers to lineal relatives (such as children, parents, grandchildren, or legally adopted children) from the state's Transfer Inheritance Tax. This amendment to Section 54:34-2 of New Jersey law, effective January 1, 2022, removes tax liability for these transfers regardless of value, replacing previous tiered tax rates for such inheritances. The bill directly affects individuals receiving inherited assets from immediate family members through blood or legal adoption. It simplifies the tax process by eliminating the need to calculate tax on these transfers, as the exemption applies automatically to all lineal descendants and ancestors. The bill was introduced to the Senate Budget Committee in January 2024.