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BILL AS INTRODUCED 2007-2008

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H.130

Introduced by Representative Winters of Williamstown

Referred to Committee on

Date:

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:

(10)  motor 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.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us