New Jersey Assembly Bill A726

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Exempts certain surviving spouses and surviving civil union partners of certain disabled veterans from components of the realty transfer fee.

Impact

If enacted, A726 would directly impact the realty transfer fee structure applicable to these specific groups. Under current law, exemptions to the realty transfer fee are available to senior citizens and individuals with disabilities, but the surviving spouses of veterans are not provided similar relief unless they, too, fall into one of those categories. A726 aims to rectify this by ensuring that surviving spouses and partners can sell their homes without the additional financial strain caused by transfer fees. As a result, it may promote housing stability for these families who have already navigated the profound loss of their spouse.

Summary

Assembly Bill A726 seeks to amend the existing realty transfer fee laws in New Jersey by introducing an exemption specifically for the surviving spouses and civil union partners of disabled veterans who are 100 percent disabled due to active service during wartime. This bill proposes that these individuals will be exempt from both the basic and supplemental components of the realty transfer fee when selling their one- or two-family residential premises. This legislative change recognizes the unique sacrifices made by veterans and aims to alleviate some financial burden from their surviving family members during difficult times.

Contention

While this bill is widely supported as a compassionate gesture towards military families, it might also prompt discussions regarding the fiscal implications of granting such exemptions. Lawmakers may debate the balance between providing necessary support for surviving spouses of disabled veterans and the potential declining revenue from transfer fees that fund various state initiatives. Additionally, the effectiveness of this exemption in truly aiding families compared to other forms of support or tax relief could be a point of contention among legislators. Critics might argue for broader reforms that encompass various veteran support measures rather than limited exemptions.