"Holocaust Reparations Tax Exemption Act"; exempts value of certain payments to Holocaust survivors and their eligible descendants from transfer inheritance tax.

This bill exempts from New Jersey's inheritance tax the value of certain restitution payments received by Holocaust survivors and their eligible descendants during their lifetime. Specifically, it covers payments for assets stolen, hidden, or lost during Nazi persecution (including insurance proceeds or legal settlements), when transferred to beneficiaries after the survivor's death. The exemption applies to the market value of these payments as determined at the time they were received. It directly affects Holocaust survivors and their lineal descendants up to two generations removed, ensuring these restitution funds are not taxed when passed on.