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House Bill 2654 |
House Author: Oliveira |
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Effective: 9-1-09 |
Senate Sponsor: Averitt |
House Bill 2654 amends the Tax Code to provide that the $10 tax imposed on the recipient of a gift of a motor vehicle applies only if the recipient obtains the vehicle from a spouse, parent or stepparent, grandparent or grandchild, child or stepchild, sibling, guardian, or decedent's estate or if the recipient is a 501(c)(3) organization exempt from federal income taxation and the vehicle will be used for the purposes of the exempt organization. Any other transaction in which a motor vehicle is transferred from one person to another without payment of consideration is treated by the bill as a sale, and under other applicable code provisions is taxed at the motor vehicle sales tax rate of 6-1/4 percent, in which case the value of the vehicle is considered to be 80 percent of the standard presumptive value as determined by the Texas Department of Transportation based on a designated guidebook. The bill amends provisions relating to the joint statement filed in connection with a gift transfer to require the principal parties to make a joint statement describing the relationship between the parties and to require that such a statement be notarized.