Bill > SB2064

This bill modifies Texas tax laws related to motor vehicle transfers, specifically addressing situations involving transfers from a decedent's estate or through survivorship agreements. The bill creates a new tax exemption for motor vehicle transfers from an estate to a distributee (a person who receives property from an estate) and transfers under rights of survivorship agreements. It amends existing provisions to remove references to estate transfers in certain gift tax contexts and adjusts filing requirements for joint statements related to vehicle transfers. The bill clarifies that the tax exemption applies to transfers to close family members (such as spouse, parents, grandparents, children, siblings, or guardians) and certain types of trusts. The legislation also specifies that identification documents must be presented in person when filing transfer statements, prohibiting motor vehicle title services from filing these statements. The bill will take effect on September 1, 2025, and will apply only to motor vehicle transfers occurring on or after that date, potentially providing tax relief for individuals inheriting vehicles from deceased family members or through survivorship arrangements.

Budget and Finance

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB2064