reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 2 - IMPOSITION AND COMPUTATION OF TAX › Section 18:26-2.15 - Ratio tax on transfer of nonresident decedent's property

Current through Register Vol. 56, No. 14, July 15, 2024
In the case of a nonresident decedent's estate containing real or
				  tangible personal property located in this State that passes to a transferee
				  wherever situated, except by means of a specific devise, the tax on such transfer is
				  to be first computed on the entire estate as if the decedent were a resident of New
				  Jersey and all of his or her assets were located in New Jersey and then prorated
				  (multiplied) by the proportion (ratio) which the New Jersey real and tangible
				  personal property bears to the entire estate.
Example: Mr. A, a California domiciliary, died intestate, on July
				  3, 2016, leaving as his sole heir a nephew, Mr. B. Mr. As estate consisted of the
				  following: real property with a value of $ 10,000 in New Jersey; $ 20,000 cash
				  located in an Illinois bank; and $ 70,000 of real and personal property located in
				  California.
The New Jersey property is subject to the ratio tax pursuant to
				  this section and the tax on such transfer is computed as follows: First, a tax is
				  computed on the value of the entire estate as if such estate were located in New
				  Jersey, (that is, $ 100,000 x 15 percent, the rate applicable for property passing
				  to a Class "D" transferee or $ 15,000 tax). Second, the tax so computed is then
				  multiplied by a fraction whose numerator is the value of the real or tangible
				  personal property located in this State and whose denominator is the value of all
				  property of the estate, real or personal, tangible or intangible, wherever situated
				  (that is, 10/100 x $ 15,000 = $ 1,500 tax, which is the ratio tax on the property
				  passing to Mr. B.).
If Mr. A had specifically devised the property in New Jersey to
				  his nephew, said property would not be subject to the ratio tax, but rather, it
				  would be taxed directly to the devisee at the New Jersey resident tax rates.
Example: Same facts as example above except that Mr. A died
				  testate and bequeathed $ 10,000 held in a bank account to his nephew and the rest of
				  his estate to his spouse/civil union partner/domestic partner. First, a tax is
				  computed as if Mr. A had been a New Jersey domiciliary. Mr. B would be liable for $
				  10,000 x 15 percent = $ 1,500 tax. All of the property received by Mr. As
				  spouse/civil union partner/domestic partner would be exempt. Second, the total tax,
				  $ 1,500, is then multiplied by 1/10, the ratio of the property subject to tax to the
				  entire estate (1/10 x $ 1,500 = $ 150.00, the amount of tax due).
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 2 - IMPOSITION AND COMPUTATION OF TAX › Section 18:26-2.16 - Direction in will as to payment of tax

Current through Register Vol. 56, No. 14, July 15, 2024
The direction of a decedent's will regarding the payment of
				  transfer inheritance tax or estate tax out of a specific fund or the residuary
				  estate, while binding on the executor and the beneficiaries, has no effect in the
				  computation of tax due this State.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 2 - IMPOSITION AND COMPUTATION OF TAX › Section 18:26-2.17 - Direction in will as to payment of tax

Current through Register Vol. 56, No. 14, July 15, 2024
The direction of a decedent's will regarding the payment of
				  inheritance or estate taxes out of a specific fund or the residuary estate, while
				  binding on the executor and the beneficiaries, has no effect in the computation of
				  tax due this State.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.1 - Estates subject to tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the inheritance tax imposed
				upon the transfer of property of a decedent in this State, the estates of all New
				Jersey residents dying after June 22, 1934, are subject to an estate tax.
(b) In a case where the aggregate of taxes paid to
				this and any other states, District of Columbia, territories, and possessions
				exceeds the amount of the allowable credit for state taxes under the Federal estate
				tax law, no estate tax is due this State.
(c) The estate tax is not imposed upon the estates
				of nonresidents of New Jersey.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.2 - Amount and nature of tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The New Jersey estate tax is that amount
				representing the difference between the gross amount of the inheritance, legacy, and
				succession taxes actually paid to this State and any other states, territories,
				possessions, or the District of Columbia and the amount of the credit allowable
				against the Federal estate tax in effect on December 31, 2001, due to the United
				States.
Example: Mr. "A," a New Jersey resident, died on July 16, 2000,
				  with a taxable estate of $ 700,000 for Federal estate tax purposes. The credit
				  allowable for State taxes under the Federal estate tax law was $ 18,000. The amount
				  actually paid to New Jersey for transfer inheritance tax was $ 6,000. The New Jersey
				  estate tax due is $ 12,000.
(b)
				The New Jersey estate tax does not in any way interfere with the operation of the
				transfer inheritance tax so as to decrease any inheritance, succession, or legacy
				tax due or to become due this State or any other state, territory, possession, or
				the District of Columbia or to impair the lien of this State for any tax. The
				determination of the transfer inheritance tax chargeable need not be suspended until
				the estate tax, if any, payable to New Jersey, is assessed. It is not necessary to
				withhold the filing of the Federal estate tax return pending the determination of
				the amount of the New Jersey transfer inheritance tax chargeable. Where, however,
				the value of a bequest, in trust or otherwise, to a surviving spouse is made
				dependent upon the value of the decedent's adjusted gross estate, as finally fixed
				for Federal estate purposes, the New Jersey transfer inheritance tax chargeable
				cannot be determined until the Federal estate tax proceedings have been finally
				completed.
(c) The estate tax due this
				State is payable out of the same funds as those from which the Federal estate taxes
				are payable.
(d) The tax imposed upon
				the estates of resident decedents in New Jersey, unlike the transfer inheritance
				tax, does not constitute a lien on any of the property, real or personal, of the
				estate, and, therefore, waivers or consents to transfer are unnecessary.
(e) For estates with date of death on or after
				July 1, 1993, no assessment of additional estate tax shall be made after the
				expiration of more than four years from the date of filing of an estate tax return,
				except:
1. As allowed by the New Jersey State
				Uniform Tax Procedure Law,
				N.J.S.A.
				54:49-6.b;
2. As allowed by
				N.J.S.A.
				54:38-2; or
3. Where the Federal estate tax chargeable on
				final assessment has not been determined.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.3 - Maximum estate tax where no transfer inheritance tax imposed

Current through Register Vol. 56, No. 14, July 15, 2024
In an estate where no transfer inheritance tax is due this State,
				  but an estate tax is due the United States under the provisions of the Federal
				  estate tax law in effect at the date of a decedent's death, the estate tax due this
				  State is that amount representing the difference between the gross amount of the
				  inheritance, legacy, and succession taxes actually paid any other states,
				  territories, possessions or the District of Columbia, if any, and the maximum amount
				  of credit allowable under the Federal estate tax law.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.4 - Additions or reductions to estate tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If, subsequent to a
				determination of the estate tax due this State, an additional or increased estate
				tax shall become payable to the United States by reason of a redetermination, or
				additional or corrected assessment, as to a portion of which the estate is entitled
				to a credit for estate, inheritance, succession, or legacy taxes paid to any state
				or territory of the United States, including the District of Columbia, then an
				additional estate tax shall be due and payable to this State, which shall be
				computed in the same manner as stated in
				N.J.A.C.
				18:26-3.2.
(b) If, subsequent to a determination of the
				estate tax due this State, the amount of the Federal estate tax shall be decreased
				and the amount allowed as a credit for inheritance, succession, or legacy taxes paid
				to any state or territory of the United States, including the District of Columbia,
				correspondingly reduced, the estate tax due this State shall be reduced accordingly
				upon submitting satisfactory proof to the Director.
(c) The amount of the estate tax due New Jersey,
				if any, cannot be determined in any case until the Federal government has determined
				the amount of Federal estate tax chargeable on final assessment.
1. Notice to the estate of final assessment
				usually takes the form of a letter from a revenue officer of the Internal Revenue
				Service, indicating the amount of Federal estate tax chargeable, and the amount of
				the allowable credit.
2. If any
				adjustments have been made, this letter is accompanied by a detailed statement of
				the changes made in each schedule of the Federal estate tax return. If an appeal
				from the Internal Revenue Service assessment is taken, the final notice will be the
				order of the appellate court in this respect.
3. The New Jersey Transfer Inheritance Tax Branch
				requires a copy of all determinations, final and intermediate, of the Internal
				Revenue Service, with all supporting statements. Copies of receipts for payment of
				succession or estate taxes to any state other than New Jersey, territory,
				possession, or the District of Columbia are also required.
4. The form of return for New Jersey estate tax
				purposes may be obtained from the Transfer Inheritance Tax Branch, PO Box 249,
				Trenton, NJ 08695-0249.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.5 - Taxation of future interests after estate tax paid; credit

Current through Register Vol. 56, No. 14, July 15, 2024
If, after the payment of the New Jersey estate tax, there becomes
				  due and payable a tax upon any future interest in any property under an instrument
				  creating an executory devise or an estate in expectancy of any kind or character
				  that is contingent or defeasible, or if by reason of any additional or corrected
				  assessment by the Director an additional inheritance, succession, or legacy tax
				  becomes due and payable, the tax paid will be credited against the tax arising
				  therefrom, but the amount so credited will not in any event exceed the amount of the
				  tax so accruing.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.7 - Refunds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applications for a refund of estate taxes
				claimed to have been overpaid or erroneously paid must be filed with the Director
				within three years from the date of payment. The Director will authorize the
				disbursement of a refund payment in the event the Director receives satisfactory
				proof of payment and determines that the tax was overpaid or erroneously
				paid.
(b) Interest will be paid on
				overpayments of tax at a rate determined by the Director to be equal to the prime
				rate, determined for each month or fraction thereof, compounded annually at the end
				of each year, from the date that such interest commences to accrue to the date of
				refund. Interest begins to accrue on the later of the date of the filing by the
				taxpayer of a claim for refund, the date of the payment of the tax, or the due date
				of the return; but no interest will be paid on an overpayment of less than $ 1.00,
				nor upon any overpayment refunded within six months after the last date prescribed,
				or permitted by extension of time, for filing the return or within six months after
				the return is filed, whichever is later.
(c) The date of payment is defined as the date the
				payment is actually received by the Division. It is not the date on which the tax
				return is filed, the date the Notice of Assessment is issued, or the date on which
				the audit is completed and/or the file is closed.
(d) Protective refund claims based on reasonably
				anticipated events may be filed within the time periods set forth in (a) above.
1. The protective refund claim must be made on the
				Transfer Inheritance and Estate Tax Protective Claim for Refund form. The form must
				be fully completed and must set forth the estimated refund amount and the basis for
				the claim.
2. The Director must be
				notified in writing of the actual refund claimed within 90 days after occurrence of
				the anticipated event.
3. For the
				purpose of determining the interest, if any, payable on a protective refund claim,
				the refund claim is deemed to have been made on the date that the Director receives
				notice of the occurrence of the anticipated event.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.8 - Protests, hearings, and appeals

Current through Register Vol. 56, No. 14, July 15, 2024
Any executor, administrator, trustee, person, or corporation
				  liable for the payment of the estate tax and aggrieved by any decision, order,
				  finding, or assessment of the Director, may appeal to the Tax Court of New Jersey
				  for a review thereof within 90 days of the date of notice assessing the tax
				  complained of, in accordance with pertinent provisions of the State Uniform Tax
				  Procedure Law, NJ.S.A. 54:51A-13 et seq. For protest procedures see NJ.A.C.
				  18:26-12.9, 12.10, and 12.11
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.9 - Refunds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applications for
				the refund of estate taxes claimed to have been excessively or erroneously paid must
				be filed with the Director within three years from the date of payment. In the event
				it is determined that the tax was erroneously or excessively paid, the Director upon
				receipt of satisfactory proof of payment, shall certify the same to the Director,
				Division of Budget and Accounting, who, in turn shall draw his warrant on the State
				Treasurer in favor of the executor, administrator, trustee, person or corporation
				who has paid said tax, or who may be lawfully entitled to receive the same, for the
				amount of such tax excessively paid.
(b)
				Said warrant shall be paid by the State Treasurer out of any appropriation for the
				refund of transfer inheritance taxes the same as warrants for the refund of such
				taxes under the transfer inheritance tax statutes of this State are paid.
(c) For estate tax paid with respect to reports or
				returns due on or after January 1, 1994, interest will be paid on overpayments not
				refunded within six months after the last date prescribed, or permitted by extension
				of time, for filing the return, or within six months after the return is filed, or
				payment of the tax due thereon, whichever is later. See
				18:26-10.1 3 for calculation of the
				interest.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3 - ESTATE TAX-DECEDENTS DYING ON OR BEFORE DECEMBER 31, 2001 › Section 18:26-3.10 - Protests, hearings and appeals

Current through Register Vol. 56, No. 14, July 15, 2024
Any executor, administrator, trustee, person or corporation
				  liable for the payment of the estate tax and aggrieved by any decision, order,
				  finding or assessment of the Director, may appeal to the Tax Court of New Jersey for
				  a review thereof within 90 days of the date of notice assessing the tax complained
				  of, in accordance with pertinent provisions of the State Tax Uniform Procedure Law,
				  54:51A-13 et seq. For protest
				  procedures see 18:26-12.9, 12.10 and 12.12.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.1 - Estates subject to tax-decedents dying after December 31, 2001, but before January 1, 2017

Current through Register Vol. 56, No. 14, July 15, 2024
Estates subject to tax--decedents dying after December 31, 2001,
				  but before January 1, 2017 In addition to the transfer inheritance tax imposed upon
				  the transfer of property of a decedent in this State, an estate tax is imposed upon
				  the transfer of the estate of every resident decedent dying after December 31, 2001,
				  but before January 1, 2017, that would have been subject to an estate tax payable to
				  the United States under the provisions of the Internal Revenue Code,
				  26 U.S.C.
				  §§
										1 et seq., in effect on December 31,
				  2001
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.2 - Amount of the tax and certain valuations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The tax is, at the
				discretion of the person or corporation liable for its payment, either:
1. The maximum credit that would have been
				allowable under the provisions of the Internal Revenue Code in effect on December
				31, 2001, against the Federal estate tax that would have been payable under the
				provisions of the Internal Revenue Code in effect on December 31, 2001, on account
				of taxes paid to any state or territory of the United States or the District of
				Columbia; or
2. An amount determined
				pursuant to the simplified tax system set forth in N.J.A.C. 18:26-3A.3. The
				simplified tax system may not be used in those cases where a Federal estate tax
				return is filed or required to be filed. The simplified tax system is not intended
				for use in all estates. It may not be used when:
i. The surviving spouse/civil union partner is not
				a U.S. Citizen;
ii. The estate contains
				trusts for the purpose of sheltering assets from estate tax (such as marital trusts,
				qualified terminable interest property (QTIP) trusts, and credit shelter or bypass
				trusts); or
iii. In situations where the
				tax liability produced under the simplified tax system is not similar to the tax
				liability determined pursuant to (a)1 above.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.3 - Simplified tax system

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The taxable value of the estate for decedents
				dying after December 31, 2001, but before January 1, 2017, is determined as follows:
1. Net estate determined for purposes of the New
				Jersey transfer inheritance tax under the provisions of the statutes and regulations
				in effect on the date of the decedent's death (line 7 of recital page of Form IT-R);
				plus
2. Real and tangible personal
				property located outside New Jersey; plus
3. Proceeds of any contract of insurance on the
				life of the decedent owned by the decedent or transferred by the decedent within
				three years of death paid to any beneficiary other than the executor, administrator,
				or estate; plus
4. All transfers made
				within three years of the date of the decedent's death not included in the transfer
				inheritance tax net estate; plus
5. In
				the event that the decedent was a surviving spouse/civil union partner of a decedent
				who died on or after February 19, 2007, and received qualified terminable interest
				property (QTIP) from the predeceased spouse or civil union partner for which the
				marital deduction was elected for Federal and/or New Jersey, the full value of the
				QTIP property; plus
6. Any other
				property includable in the Federal gross estate under the provisions of the Internal
				Revenue Code in effect on December 31, 2001; less
7. Any property:
i. Passing outright to the decedent's surviving
				spouse or to the civil union partner of a decedent who died on or after February 19,
				2007, provided that the surviving spouse/civil union partner was a U.S. citizen on
				the decedent's date of death; and/or
ii.
				That passes to a Class "E" beneficiary as defined by
				N.J.A.C.
				18:26-1.1. This exemption does not apply if any
				portion of the property can be used by, for the benefit of or paid to any private
				stockholder, individual, or corporation.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.4 - Reduction of tax; out-of-State property

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The tax, as computed
				in N.J.A.C. l8:26-3A.2, is reduced by:
1. The
				portion of said tax that is attributable to property located outside New Jersey. The
				amount of the tax reduction is calculated by multiplying the tax due on the entire
				gross estate wherever located by a fraction, whose numerator is the gross value of
				property located outside the State and whose denominator is the New Jersey entire
				gross estate, wherever located. In general, for purposes of the calculation
				described in this paragraph, intangible personal property is considered to be
				located in New Jersey; and
2. The
				inheritance, succession, or legacy taxes actually paid this State in respect to any
				property owned by such decedent or subject to such taxes as part of or in connection
				with the estate.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.5 - Estate tax where no transfer inheritance tax imposed

Current through Register Vol. 56, No. 14, July 15, 2024
In the case of a decedent where no inheritance, succession, or
				  legacy tax is due this State, the estate tax imposed must be determined pursuant to
				  N.J.A.C. 18:26-3A.2.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.6 - Lien

Current through Register Vol. 56, No. 14, July 15, 2024
The estate tax imposed upon the estate of a resident decedent
				  remains a lien on all property of a decedent as of the date of death of the decedent
				  until paid. Except as otherwise provided in this chapter, no property owned by the
				  decedent as of the decedent's date of death may be transferred without the written
				  consent of the Director.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.7 - Time limit for assessments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No assessment of
				additional estate tax will be made after the expiration of more than four years from
				the date of filing of an estate tax return, except in the following cases:
1. The return is false or fraudulent with the
				intent to evade tax;
2. If, before the
				expiration of the four-year period prescribed in this subsection for the assessment
				of additional tax, a taxpayer consents in writing that such period may be extended,
				the amount of such additional tax may be determined at any time within such period.
				The period so extended may be further extended by subsequent consents in writing
				made before the expiration of the extended period;
3. The taxpayer requests that the completion of
				the assessment be held in abeyance pending the final determination in the Federal
				estate tax proceeding;
4. The estate tax
				return is amended by the taxpayer to include additional property of a decedent. The
				issues raised in an amended tax return may be assessed within four years from the
				date that the amended tax return is filed;
5. A decedent's interest in property, or the value
				thereof, as of the decedent's date of death, has not been determined at the time of
				the filing of the estate tax return due to litigation or controversy. A decedent's
				interest in property, or the value thereof, which is established after the estate
				tax return is filed may be assessed within four years from the date on which the
				interest or value is established, and the Division receives notification;
				or
6. A taxpayer or the Internal Revenue
				Service makes a change or changes to the Federal estate tax return filed subsequent
				to the filing of the New Jersey estate tax return. A change or changes made by a
				taxpayer or the Internal Revenue Service to the Federal estate tax return filed
				subsequent to the filing of the New Jersey estate tax return may be assessed within
				four years from the date that such change or changes are made, and the Division
				receives notification.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.8 - Filing of tax return and other information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The executor,
				administrator, trustee, other person, or corporation liable for the payment of the
				estate tax must file with the Director a copy of any Federal estate tax return filed
				or required to be filed within 30 days after the filing or required filing of the
				original with the Federal government, any other evidence, information, or data that
				the Director deems necessary. A copy of any communication from the Federal
				government, making any intermediate or final change in said return, or confirming,
				increasing, or diminishing the tax thereby shown to be due, is to be filed within 30
				days after receipt thereof
(b) The
				executor, administrator, trustee, other person, or corporation liable for the
				payment of the estate tax must file with the Director a copy of the tax return filed
				and a copy of any receipts for payment of succession or estate taxes to other states
				or territories of the United States or the District of Columbia.
(c) A New Jersey estate tax return must be filed
				whenever the gross estate plus adjusted taxable gifts as determined in accordance
				with the provisions of the Internal Revenue Code in effect on December 31, 2001,
				exceeds $ 675,000. The executor, administrator, trustee, other person, or
				corporation liable for the payment of the estate tax must prepare and file with the
				Director a New Jersey estate tax return form IT-ESTATE, and:
1. A Form 706 completed in accordance with the
				provisions of the Internal Revenue Code, U.S.C. §§ 1 et seq., in effect on
				December 31, 2001, within 30 days after the date on which a Federal estate tax
				return would have been due under those provisions for a decedent dying on that date;
				or
2. A New Jersey transfer inheritance
				tax return completed in accordance with the provisions of the transfer inheritance
				tax statutes and rules in effect on December 31, 2001, within nine months of the
				date of death of the decedent.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.9 - Taxation of future interest after estate tax paid; credit

Current through Register Vol. 56, No. 14, July 15, 2024
If, after the payment of the New Jersey estate tax, there becomes
				  due and payable a tax upon any future interest in any property under an instrument
				  that creates an executor device or an estate in expectancy of any kind or character
				  that is contingent or defeasible, or if by reason of any additional or corrected
				  assessment by the Director an additional inheritance, succession, or legacy tax
				  becomes due and payable, the tax paid will be credited against the tax arising
				  therefrom, but the amount so credited will not in any event exceed the amount of the
				  tax so accruing.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.11 - Refunds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applications for a refund of estate tax
				claimed to have been overpaid or erroneously paid must be filed with the Director
				within three years from the date of payment. The Director will authorize the
				disbursement of a refund payment in the event the Director receives proof of payment
				to the satisfaction of the Director and determines that the tax was overpaid or
				erroneously paid.
(b) Interest will be
				paid on overpayments of tax at a rate determined by the Director to be equal to the
				prime rate, determined for each month or fraction thereof, compounded annually at
				the end of each year, from the date that such interest commences to accrue to the
				date of refund. Interest begins to accrue on the later of the date of the receipt by
				the Division of a claim for refund by the taxpayer, the date of the payment of the
				tax, or the due date of the return; but no interest will be paid on an overpayment
				of less than $ 1.00, nor upon any overpayment refunded within six months after the
				last date prescribed, or permitted by extension of time, for filing the return or
				within six months after the return is filed, whichever is later.
(c) The date of payment is defined as the date the
				payment is actually received by the Division. It is not the date on which the tax
				return is filed, the date the Notice of Assessment is issued, or the date on which
				the audit is completed and/or the file is closed.
(d) Protective refund claims based on reasonably
				anticipated events may be filed within the time periods set forth in (a) above.
1. The protective refund claim must be made on the
				Transfer Inheritance and Estate Tax Protective Claim for Refund form. The form must
				be fully completed and must set forth the estimated refund amount and the basis for
				the claim.
2. The Director must be
				notified of the actual amount of the refund claimed within 90 days after occurrence
				of the anticipated event.
3. For the
				purpose of determining the interest, if any, payable on a protective refund claim,
				the refund claim will be deemed to have been made on the date that the Director is
				notified of the occurrence of the anticipated event.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.12 - Protests, hearings, and appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any executor,
				administrator, trustee, person, or corporation that is liable for the payment of the
				estate tax and is aggrieved by any decision, order, finding, or assessment of the
				Director, may submit a written protest to the Division, addressed to the Transfer
				Inheritance Tax Branch in accordance with
				N.J.A.C.
				18:26-12.9 and 12.10.
(b) Any executor, administrator, trustee, person,
				or corporation liable for the payment of the estate tax and aggrieved by any
				decision, order, finding, or assessment of the Director, may appeal to the Tax Court
				of New Jersey for a review thereof within 90 days of the date of notice assessing
				the tax complained of, in accordance with pertinent provisions of the State Uniform
				Tax Procedure Law,
				N.J.S.A.
				54:51A-13et seq. (See
				N.J.A.C.
				18:26-12.11.)
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3A - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2001, BUT BEFORE JANUARY 1, 2017 › Section 18:26-3A.13 - Protests, hearings and appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any executor,
				administrator, trustee, person or corporation liable for the payment of the estate
				tax and aggrieved by any decision, order, finding or assessment of the Director, may
				submit a written protest to the Individual Tax Audit Branch in accordance with
				18:26-12.9 and 12.10.
(b) Any executor, administrator, trustee, person
				or corporation liable for the payment of the estate tax and aggrieved by any
				decision, order, finding or assessment of the Director, may appeal to the Tax Court
				of New Jersey for a review thereof within 90 days of the date of notice assessing
				the tax complained of, in accordance with pertinent provisions of the State Tax
				Uniform Procedure Law,
				54:51A-13 et seq. (See
				18:26-12.1 2.)
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.1 - Estates subject to tax-decedents dying after December 31, 2016, but before January 1, 2018

Current through Register Vol. 56, No. 14, July 15, 2024
In addition to the transfer inheritance tax imposed upon the
				  transfer of property of a decedent in this State, an estate tax is imposed upon the
				  transfer of the estate of every resident decedent dying after December 31, 2016, but
				  before January 1, 2018.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.3 - Reduction of tax; out-of-State property

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The tax,
				as computed in N.J.A.C. l8:26-3B.2, is reduced by:
1. The portion of said tax that is attributable to
				property located outside New Jersey. The amount of the tax reduction is calculated
				by multiplying the tax due on the entire gross estate wherever located by a
				fraction, whose numerator is the gross value of property located outside the State
				and whose denominator is the New Jersey entire gross estate, wherever located. In
				general, for purposes of the calculation described in this paragraph, intangible
				personal property is considered to be located in New Jersey; and
2. The inheritance, succession, or legacy taxes
				actually paid this State in respect to any property owned by such decedent or
				subject to such taxes as part of or in connection with the estate.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.4 - Estate tax where no transfer inheritance tax imposed

Current through Register Vol. 56, No. 14, July 15, 2024
In the case of a decedent where no inheritance, succession, or
				  legacy tax is due this State, the estate tax imposed must be determined pursuant to
				  N.J.A.C. 18:26-3B.2.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.5 - Lien

Current through Register Vol. 56, No. 14, July 15, 2024
The estate tax imposed upon the estate of a resident decedent
				  remains a lien on all property of a decedent as of the date of death of the decedent
				  until paid. Except as otherwise provided in this chapter, no property owned by the
				  decedent as of the decedent's date of death may be transferred without the written
				  consent of the Director.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.6 - Time limit for assessments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No assessment of
				additional estate tax will be made after the expiration of more than four years from
				the date of filing of an estate tax return, except in the following cases:
1. The return is false or fraudulent with the
				intent to evade tax;
2. If, before the
				expiration of the four-year period prescribed in this subsection for the assessment
				of additional tax, a taxpayer consents in writing that such period may be extended,
				the amount of such additional tax may be determined at any time within such period.
				The period so extended may be further extended by subsequent consents in writing
				made before the expiration of the extended period;
3. The taxpayer requests that the completion of
				the assessment be held in abeyance pending the final determination in the Federal
				estate tax proceeding;
4. The estate tax
				return is amended by the taxpayer to include additional property of a decedent. The
				issues raised in an amended tax return may be assessed within four years from the
				date that the amended tax return is filed;
5. A decedent's interest in property, or the value
				thereof, as of the decedent's date of death, has not been determined at the time of
				the filing of the estate tax return due to litigation or controversy. A decedent's
				interest in property, or the value thereof, which is established after the estate
				tax return is filed may be assessed within four years from the date on which the
				interest or value is established, and the Division receives notification;
				or
6. A taxpayer or the Internal Revenue
				Service makes a change or changes to the Federal estate tax return filed subsequent
				to the filing of the New Jersey estate tax return. A change or changes made by a
				taxpayer or the Internal Revenue Service to the Federal estate tax return filed
				subsequent to the filing of the New Jersey estate tax return may be assessed within
				four years from the date that such change or changes are made, and the Division
				receives notification
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.7 - Filing of tax return and other information

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				The executor, administrator, trustee, other person, or corporation liable for the
				payment of the estate tax must file with the Director a copy of any Federal estate
				tax return filed or required to be filed within 30 days after the filing or required
				filing of the original with the Federal government, any other evidence, information,
				or data that the Director deems necessary. A copy of any communication from the
				Federal government, making any intermediate or final change in said return, or
				confirming, increasing, or diminishing the tax thereby shown to be due, is to be
				filed within 30 days after receipt thereof
(b) The executor, administrator, trustee, other
				person, or corporation liable for the payment of the estate tax must file with the
				Director a copy of the tax return filed and a copy of any receipts for payment of
				succession or estate taxes to other states or territories of the United States or
				the District of Columbia.
(c) A New
				Jersey estate tax return must be filed whenever the gross estate exceeds $
				2,000,000. Within nine months of the date of death of the decedent, the executor,
				administrator, trustee, other person, or corporation liable for the payment of the
				estate tax must prepare and file with the Director a New Jersey estate tax return
				and a Form 706 completed in accordance with the provisions of the Internal Revenue
				Code of 1986,
				26 U.S.C.
				§§
										1 et seq., in effect January 1,
				2017.
(d) In those cases where a
				taxpayer makes an election for Federal estate tax purposes, a like election must be
				made for New Jersey estate tax purposes. Assets and deductions must be treated in
				the same manner for both Federal and New Jersey estate tax purposes.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.8 - Taxation of future interest after estate tax paid; credit

Current through Register Vol. 56, No. 14, July 15, 2024
If, after the payment of the New Jersey estate tax, there becomes
				  due and payable a tax upon any future interest in any property under an instrument
				  that creates an executor device or an estate in expectancy of any kind or character
				  that is contingent or defeasible, or if by reason of any additional or corrected
				  assessment by the Director an additional inheritance, succession, or legacy tax
				  becomes due and payable, the tax paid will be credited against the tax arising
				  therefrom, but the amount so credited will not in any event exceed the amount of the
				  tax so accruing.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.10 - Refunds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applications for
				a refund of estate tax claimed to have been excessively or erroneously paid must be
				filed with the Director within three years from the date of payment. The Director
				will authorize the disbursement of a refund payment in the event the Director
				receives proof of payment to the satisfaction of the Director and determines that
				the tax was overpaid or erroneously paid.
(b) Interest will be paid on overpayments of tax
				at a rate determined by the Director to be equal to the prime rate, determined for
				each month or fraction thereof, compounded annually at the end of each year, from
				the date that such interest commences to accrue to the date of refund. Interest
				begins to accrue on the later of the date of the receipt by the Division of a claim
				for refund by the taxpayer, the date of the payment of the tax, or the due date of
				the return; but no interest will be paid on an overpayment of less than $ 1.00, nor
				upon any overpayment refunded within six months after the last date prescribed, or
				permitted by extension of time, for filing the return or within six months after the
				return is filed, whichever is later.
(c)
				The date of payment is defined as the date the payment is actually received by the
				Division. It is not the date on which the tax return is filed, the date the Notice
				of Assessment is issued, or the date on which the audit is completed and/or the file
				is closed.
(d) Protective refund claims
				based on reasonably anticipated events may be filed within the time periods set
				forth in (a) above.
1. The protective refund claim
				must be made on the Transfer Inheritance and Estate Tax Protective Claim for Refund
				form. The form must be fully completed and must set forth the estimated refund
				amount and the basis for the claim.
2.
				The Director must be notified of the actual amount of the refund claimed within 90
				days after occurrence of the anticipated event.
3. For the purpose of determining the interest, if
				any, payable on a protective refund claim, the refund claim will be deemed to have
				been made on the date that the Director is notified of the occurrence of the
				anticipated event.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3B - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2016, BUT BEFORE JANUARY 1, 2018 › Section 18:26-3B.11 - Protests, hearings, and appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any
				executor, administrator, trustee, person, or corporation that is liable for the
				payment of the estate tax and is aggrieved by any decision, order, finding, or
				assessment of the Director, may submit a written protest to the Division, addressed
				to the Transfer Inheritance Tax Branch in accordance with NJ.A.C. 18:26-12.9 and
				12.10.
(b) Any executor, administrator,
				trustee, person, or corporation liable for the payment of the estate tax and
				aggrieved by any decision, order, finding, or assessment of the Director, may appeal
				to the Tax Court of New Jersey for a review thereof within 90 days of the date of
				notice assessing the tax complained of, in accordance with pertinent provisions of
				the State Uniform Tax Procedure Law,
				N.J.S.A.
				54:51A-13et seq. (See
				N.J.A.C.
				18:26-12.11.)
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 3C - ESTATE TAX-DECEDENTS DYING AFTER DECEMBER 31, 2017 › Section 18:26-3C.1 - Estates subject to tax-decedents dying after December 31, 2017

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No estate tax is imposed upon the transfer of
				the estate of every resident decedent dying after December 31, 2017.
(b) The Director has determined that no formal
				Estate Tax return, form IT-Estate, is required to be filed for the estate of every
				resident decedent dying after December 31, 2017.