Mississippi DOR Issues Notice on Exemption of Sales Tax on Transfers of Motor Vehicles

The Mississippi Department of Revenue May 1 issued a notice to county tax collectors regarding sales and use tax exemptions for certain transfers of motor vehicles. The notice includes that, effective July 1, S.B. 2011 provides exemptions for transfers between: 1) a trustee and a beneficiary of a trust; 2) a corporation and one of its shareholders, but only if the transaction qualifies for nonrecognition of gain or loss under the Internal Revenue Code provisions that exist at the time of the transfer; and 3) a partnership or limited liability company and one of its partners or owners, but only ...