N.J. Admin. Code § 18:26-6.12

Current through Register Vol. 56, No. 11, June 3, 2024

Section 18:26-6.12 - Property received from the Federal government

(a) Any amount recovered by a decedent's personal representative for the benefit of the classes of beneficiaries designated under the Federal Liability for Injuries to Employees Act for injuries to a decedent, whether for the pecuniary loss sustained by such beneficiaries as a result of the wrongful death of the decedent or for the loss and suffering by the decedent while the decedent lived, or both, is not subject to the New Jersey transfer inheritance tax.

(b) Any amount recovered by the legal representatives of any decedent by reason of any war risk insurance certificate or policy, either term or converted, or any adjusted service certificate issued by the United States, whether received directly from the United States or through any intervening estate or estates, is exempt from the New Jersey transfer inheritance tax.

(c) The exemption under this section does not entitle any person to a refund of any tax heretofore paid on the transfer of property of the nature mentioned in this section; and does not extend to that part of the estate of any decedent composed of property, when such property was received by the decedent before death.

N.J. Admin. Code § 18:26-6.12

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018