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MS SB2297
Bill
AI Summary
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Exempts transfers of motor vehicle titles from sales taxation when transferred between a trustee and beneficiary of a trust, without actual consideration for the transfer.
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Exempts transfers between a corporation and its shareholder in transactions qualifying for nonrecognition of gain or loss under Section 351 of the Internal Revenue Code.
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Exempts transfers between a partnership or limited liability company and one of its partners or owners.
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Requires all three categories of exempt transfers to be evidenced by an affidavit prepared by the Department of Revenue and signed by the transferor.
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Takes effect July 1, 2020.
Legislative Description
Sales tax; exempt motor vehicle transfers to and from trusts, corporations, partnerships and limited liability companies.
Last Action
Died In Committee
6/3/2020