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.> 1 28 1 29 1 30 1 31 WATTS of Dallas 1 32 HF 2794.302 81 1 33 mg/cf/5351 1 34 1 35 1 36 1 37 1 38 1 39 1 40 1 41 1 42 1 43 1 44 1 45 1 46 1 47 1 48 1 49 1 50 -1-