BLAIR LEE III, Acting Governor                           2537

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978, and shall apply only to
estates of decedents dying on or after July 1, 1978.

Approved May 29, 1978.

CHAPTER 864

(House Bill 84)

AN ACT concerning

Excise Tax Exemption — Corporations -
liquidating Distribution

FOR the purpose of exempting from the excise tax vehicles
transferred by corporations to their stockholders a

corporation to its stockholder or stockholders as

liquidating distributions of tangible personal
property.

BY repealing and reenacting, with amendments,

Article - Transportation
Section 13-810(b)
Annotated Code of Maryland
(1977 Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Transportation

13-810.

(b) On transfer of a vehicle titled in this State and
issuance of a subsequent certificate of title, the vehicle
is exempt from the excise tax imposed by this part, if it

is:

(1)    A vehicle transferred to a spouse, son,
daughter, parent, sister, brother, grandparent,
father-in-law, mother-in-law, son-in-law, or daughter—in—law
of the transferor, and no money or other valuable
consideration is involved in the transfer;

(2)    A vehicle repossessed under a security
agreement, unless the sale of the vehicle is required under
the agreement;

(3)    A vehicle transferred from an individual to
a partnership or corporation on formation of the partnership
or corporation, if the individual is a partner or a