|BILL AS INTRODUCED||2007-2008|
Introduced by Representative Winters of Williamstown
Subject: Taxation; purchase and use tax; exemption for transfer to a controlled business entity
Statement of purpose: This bill proposes to expand the purchase and use tax exemption for transfers to a controlled business.
AN ACT RELATING TO PURCHASE AND USE TAX EXEMPTION FOR TRANSFER TO A CONTROLLED BUSINESS ENTITY
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 8911(10) is amended to read:
vehicles registered in Vermont by the transferor and transferred between that
person and a business entity controlled by the transferor, if the transfer is
exempt from income taxation under
section 351 of the United
States Internal Revenue Code, as amended;
Sec. 2. EFFECTIVE DATE
This act shall take effect upon passage.
The Vermont General Assembly
115 State Street