Eliminates the New Jersey Transfer Inheritance Tax and repeals parts of chapters 33 through 37 of Title 54 of the Revised Statutes.

This bill eliminates New Jersey's Transfer Inheritance Tax, which was imposed on beneficiaries receiving assets from a decedent's estate (based on asset value and relationship to the decedent). It repeals specific sections of state law governing the tax, including provisions that taxed "lateral" transfers (such as to siblings or nonrelatives) at rates up to 16%, while exempting transfers to spouses, ancestors, and descendants. The repeal applies to estates of decedents dying on or after July 1, 2015, meaning the tax will no longer apply to those estates. However, it does not affect taxes accrued or obligations for deaths occurring before that date.