VA SB103 | 2024 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 3 2024 - 25% progression, died in chamber
Action: 2024-02-06 - Passed by indefinitely in Finance and Appropriations (14-Y 1-N)
Text: Latest bill text (Prefiled) [HTML]

Summary

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. Under current law, transfers from (1) an individual or partnership to a corporation or limited liability company or (2) from a corporation or limited liability company to an individual or partnership are exempt from the motor vehicle sales and use tax if the transfer is incidental to the formation, organization, or dissolution of a corporation or limited liability company in which the individual or partnership holds the majority interest.

Tracking Information

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Title

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

Sponsors


Roll Calls

2024-02-06 - Senate - Senate: Passed by indefinitely in Finance and Appropriations (14-Y 1-N) (Y: 14 N: 1 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2024-02-06SenatePassed by indefinitely in Finance and Appropriations (14-Y 1-N)
2024-01-03SenateReferred to Committee on Finance and Appropriations
2024-01-03SenatePrefiled and ordered printed; offered 01/10/24 24102676D

Same As/Similar To

HB339 (Similar To) 2024-02-27 - Passed by indefinitely in Finance and Appropriations (15-Y 0-N)

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
5812403(n/a)See Bill Text

Virginia State Sources


Bill Comments

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