House Amendment 8549


PAG LIN




     1  1    Amend House File 2794 as follows:
     1  2 #1.  Page 20, by striking lines 28 through 32 and
     1  3 inserting the following:
     1  4    <Sec.    .  Section 423.6, subsection 10,
     1  5 unnumbered paragraph 1, Code 2005, is amended to read
     1  6 as follows:
     1  7    Vehicles subject to registration which are
     1  8 transferred from a business or individual conducting a
     1  9 business within this state as a sole proprietorship,
     1 10 partnership, or limited liability company to a
     1 11 corporation formed by the sole proprietorship,
     1 12 partnership, or limited liability company for the
     1 13 purpose of continuing the business when all of the
     1 14 stock of the corporation so formed is owned by the
     1 15 sole proprietor and the sole proprietor's spouse, by
     1 16 all the partners in the case of a partnership, or by
     1 17 all the members in the case of a limited liability
     1 18 company.  For the purpose of this subsection, the
     1 19 exemption applies without regard to the time the
     1 20 corporation has been in existence.  This exemption is
     1 21 equally available where the vehicles subject to
     1 22 registration are transferred from a corporation to a
     1 23 sole proprietorship, partnership, or limited liability
     1 24 company formed by that corporation for the purpose of
     1 25 continuing the business when all of the incidents of
     1 26 ownership are owned by the same person or persons who
     1 27 were stockholders of the corporation.>
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     1 30                               
     1 31 WATTS of Dallas
     1 32 HF 2794.302 81
     1 33 mg/cf/5351
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