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S.B. 230
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VETOES
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13-810.
(c) 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, grandchild, 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, limited
liability company, or corporation or from a partnership, limited liability company, or
corporation to a subpartnership, subsidiary limited liability company, or subsidiary
corporation, if the individual, partnership, limited liability company, or corporation is
a partner, member, or principal stockholder of the newly formed partnership,
subpartnership, limited liability company, subsidiary limited liability company,
corporation, or subsidiary corporation, as the case may be;
(4) A vehicle transferred to a legal heir, legatee, or distributee;
(5) A vehicle involuntarily transferred as a result of divorce or separation
proceedings;
(6) A vehicle that is jointly owned and transferred to the name of one of
the owners, if the transferee can establish to the satisfaction of the Administration
that the transferor did not pay any part of the original purchase price of the vehicle or
any applicable taxes or fees for the vehicle;
(7) A vehicle transferred by a corporation to its stockholder or
stockholders or by a limited liability company to its member or members as a
liquidating distribution of tangible personal property where the vehicle or vehicles
transferred are not a principal or substantial asset of the corporation or limited
liability company as determined by the Administration;
(8) A vehicle transferred as a result of a reorganization within the
meaning of § 368(a) of the Internal Revenue Code; [or]
(9) A vehicle transferred to a Family Investment Program recipient or an
individual certified by the Department of Human Resources or a local department of
social services as eligible for transfer of the vehicle that was exempted from the excise
tax imposed by this part under subsection (a)(24) of this section[.]; OR
(10) A VEHICLE TRANSFERRED TO A LESSEE WHO EXERCISES AN OPTION
UNDER A VEHICLE LEASING AGREEMENT FOR AN INITIAL TERM OF MORE THAN 180
CONSECUTIVE DAYS TO PURCHASE THE LEASED VEHICLE AT THE END OF THE
LEASE.
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- 3796 -
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