This bill amends the Transfer Inheritance Tax law in New Jersey to exempt all transfers made to lineal relatives from taxation. Specifically, it introduces a new provision stating that for transfers made on or after January 1, 2022, to a transferee with a lineal consanguineous relationship with a decedent, there shall be no tax imposed. This change expands the definition of exempt Class A Transferees to include not only immediate family members like spouses, children, and parents but also extends to great-grandparents and great-grandchildren, thereby encompassing all lineal relatives ascending or descending from the decedent by blood or law.

Additionally, the bill allows for refund claims for any Transfer Inheritance Tax payments made for transfers occurring between January 1, 2022, and the date of the bill's enactment, which would now be considered erroneous payments due to the new exemption. The bill also includes provisions to ensure that existing regulatory frameworks remain applicable despite the changes introduced. Overall, the intent of the bill is to provide broader tax relief to families by eliminating the Transfer Inheritance Tax for a wider range of relatives.