Phases out the transfer inheritance tax over two years.

This bill phases out New Jersey's inheritance tax over two years. It reduces the tax to 50% of current rates for inheritances received in the first full year after the bill takes effect, then eliminates the tax entirely for all inheritances in the second year. The tax primarily affects non-family inheritances (such as transfers to siblings, nieces/nephews, or unrelated individuals), as the law already exempts transfers to spouses and direct descendants. The change applies to all estates of New Jersey residents and nonresidents with property in the state, following the tax's 1892 origin and 1985 revisions.