Current through Register Vol. 56, No. 21, November 4, 2024
Section 18:24-7.9 - Transfers statutorily excluded from tax(a) Within the meaning of 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; and6. 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