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

This bill (S 556) exempts transfers of residential real property between certain family members who co-own the property from New Jersey's inheritance tax. It specifically adds to existing exemptions for transfers to spouses, children, and other close relatives, now including siblings, cousins, nieces, nephews, and other extended family members who already co-own the home. The exemption applies to single-family homes or condominiums (defined as "residential real property") where family members share ownership. The change takes effect immediately for taxable years beginning January 1 after enactment.