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]
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.
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
| Date | Chamber | Action |
|---|---|---|
| 2024-02-06 | Senate | Passed by indefinitely in Finance and Appropriations (14-Y 1-N) |
| 2024-01-03 | Senate | Referred to Committee on Finance and Appropriations |
| 2024-01-03 | Senate | Prefiled 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)
