18:26-3A.4 Reduction of tax; out-of-State property

TRANSFER INHERITANCE AND ESTATE TAX  
SUBCHAPTER 3A. ESTATE TAX--DECEDENTS DYING AFTER DECEMBER 31, 2001
N.J.A.C. 18:26-3A.4 (2014)
§ 18:26-3A.4 Reduction of tax; out-of-State property

   (a) The tax, as computed in N.J.A.C. 18:26-3A.2, shall be 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, the numerator of which is the gross value of property located outside the State and the denominator of which 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.