Eliminates transfer inheritance taxes on brothers and sisters of a decedent.

This bill eliminates inheritance taxes on property transferred to brothers or sisters of a decedent for transfers occurring on or after January 1, 2022. Currently, such transfers are taxed at rates of 11% to 16% (with a $25,000 exemption), but the bill makes these transfers tax-free, aligning siblings' treatment with other immediate family members like spouses, children, or parents. It directly affects New Jersey residents who inherit property from a sibling, removing a tax obligation that previously applied. The change applies to all future transfers meeting these criteria and is effective immediately upon enactment.