MS SB2192

Exempts motor vehicle title transfers between a trustee and trust beneficiary from the 5% Mississippi sales tax, provided the transfer has no actual consideration and is evidenced by a Department of Revenue affidavit signed by the transferor.

Exempts motor vehicle transfers between a corporation and its shareholder when the transaction qualifies for nonrecognition of gain or loss under Section 351 of the Internal Revenue Code, requiring a signed Department of Revenue affidavit.

Exempts motor vehicle transfers between a partnership or limited liability company and one of its partners or owners, with documentation through a signed Department of Revenue affidavit.

Requires the Department of Revenue to prepare affidavits for these exempt transfers that must be signed by the transferor to evidence the exempt nature of the transaction.

Effective date: July 1, 2022.