Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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L

330.0000 LEASES OF TANGIBLE PERSONAL PROPERTY—IN GENERAL—Regulation 1660

Annotation 330.2965

(a) IN GENERAL

330.2965 Tax-Paid Purchase Resold Deduction—Lease Property. A lessor who purchases property tax paid at source which is not being leased in substantially the same form as acquired must pay tax on its rental receipts. However, the lessor may take a tax-paid purchases resold deduction on their return for the reporting period during which the property is first leased, provided the lessor made no use of the property prior to the lease. For past reporting periods for which a return has been filed, the lessor must file a claim for refund. 1/16/91.