HF 1337

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to taxation; exempting from motor vehicle 
  1.3             sales tax a transfer without monetary consideration 
  1.4             from one cosigner of a mortgage note for real property 
  1.5             to all cosigners of that note; amending Minnesota 
  1.6             Statutes 1994, section 297B.01, subdivision 7. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1994, section 297B.01, 
  1.9   subdivision 7, is amended to read: 
  1.10     Subd. 7.  [SALE, SELLS, SELLING, PURCHASE, PURCHASED, OR 
  1.11  ACQUIRED.] "Sale," "sells," "selling," "purchase," "purchased," 
  1.12  or "acquired" means any transfer of title of any motor vehicle, 
  1.13  whether absolutely or conditionally, for a consideration in 
  1.14  money or by exchange or barter for any purpose other than resale 
  1.15  in the regular course of business.  Any motor vehicle utilized 
  1.16  by the owner only by leasing such vehicle to others or by 
  1.17  holding it in an effort to so lease it, and which is put to no 
  1.18  other use by the owner other than resale after such lease or 
  1.19  effort to lease, shall be considered property purchased for 
  1.20  resale.  The terms also shall include any transfer of title or 
  1.21  ownership of a motor vehicle by way of gift or by any other 
  1.22  manner or by any other means whatsoever, for or without 
  1.23  consideration, except that these terms shall not include: 
  1.24     (a) the acquisition of a motor vehicle by inheritance from 
  1.25  or by bequest of, a decedent who owned it; 
  1.26     (b) the transfer of a motor vehicle which was previously 
  2.1   licensed in the names of two or more joint tenants and 
  2.2   subsequently transferred without monetary consideration to one 
  2.3   or more of the joint tenants; 
  2.4      (c) the transfer without monetary consideration of a motor 
  2.5   vehicle from one cosigner of a mortgage note on real property to 
  2.6   all cosigners of that note, where all the cosigners are natural 
  2.7   persons; 
  2.8      (d) the transfer of a motor vehicle by way of gift between 
  2.9   a husband and wife or parent and child; or 
  2.10     (d) (e) the voluntary or involuntary transfer of a motor 
  2.11  vehicle between a husband and wife in a divorce proceeding.  
  2.12     Sec. 2.  [EFFECTIVE DATE.] 
  2.13     Section 1 is effective the day following final enactment.