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

This bill eliminates inheritance taxes for siblings who inherit property from a deceased person in New Jersey. Previously, siblings faced tax rates up to 16% on inherited assets, but the bill removes this tax for all transfers occurring on or after January 1, 2022. The change applies specifically to brothers and sisters inheriting from a decedent, with no tax imposed under the amended law for these transfers. This is a direct policy change to the state's inheritance tax code (R.S.54:34-2).