N.J. Admin. Code § 18:24-7.9

Current through Register Vol. 56, No. 24, December 18, 2024

Section 18:24-7.9 - Transfers statutorily excluded from tax

(a) Within the meaning of N.J.S.A. 54:32B-2(e)(4), the following transfers of motor vehicles are not subject to tax:

1. Transfers of motor vehicles to a corporation, solely in consideration for the issuance of its stock, pursuant to a merger or consolidation effected under the law of New Jersey or any other jurisdiction;

2. Transfers of motor vehicles to a corporation upon its organization in consideration for the issuance of its stock;

3. Transfers of motor vehicles in the distribution of property by a corporation to its stockholders as a liquidating dividend;

4. Transfers of motor vehicles as a contribution of property to a partnership in consideration for a partnership interest therein;

5. Transfers of motor vehicles in the distribution of property by a partnership to its partners in whole or partial liquidation; and

6. Transfers of motor vehicles where the purpose of the vendee is to hold the property transferred as security for the performance of an obligation of the seller.

N.J. Admin. Code § 18:24-7.9

Amended by 48 N.J.R. 824(a), effective 5/16/2016