MS SB2011

Exempts from the 5% sales tax motor vehicle title transfers between a trustee and beneficiary of a trust when no actual consideration is exchanged

Exempts motor vehicle transfers between a corporation and its shareholders when the transaction qualifies for nonrecognition of gain or loss under Section 351 of the Internal Revenue Code

Exempts motor vehicle transfers between a partnership or limited liability company and its partners or owners

Requires all exempt transfers to be documented with an affidavit prepared by the Department of Revenue and signed by the transferor

Effective date: July 1, 2023