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SB103

Motor vehicle sales and use tax; exemptions for vehicle transfers, limited liability companies.

Status:
Killed

Chief Patron:
Glen Sturtevant (R)

Session:
2024 Regular Session

Summary

As Introduced. Motor vehicle sales and use tax; exemptions; transfers; limited liability companies.

Provides that no motor vehicle sales and use tax shall be imposed on vehicle transfers from (i) an individual, partnership, or limited liability company to a corporation or limited liability company or (ii) from a corporation or limited liability company to an individual, partnership, or limited liability company if (a) the transfer is incidental to the formation, organization, or dissolution of a corporation or limited liability company in which the individual, partnership, or limited liability company holds the majority interest in both entities and (b) the transfer to a limited liability company is not a precursor to a transfer of control of the assets of the company to avoid motor vehicle sales and use taxes. (Less)

  • Bill History

  • 01/03/2024 - Senate: Prefiled and ordered printed; offered 01/10/24 24102676D
  • 01/03/2024 - Senate: Referred to Committee on Finance and Appropriations
  • 02/06/2024 - Senate: Passed by indefinitely in Finance and Appropriations (14-Y 1-N)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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