Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
330.0000 LEASES OF TANGIBLE PERSONAL PROPERTY—IN GENERAL—Regulation 1660
(b) RENTAL RECEIPTS—ITEMS INCLUDED AND EXCLUDED
330.3340 Indemnity Payments—Rentals After Loss of Property. When a vehicle under lease is completely destroyed in a collision during the term of the lease, sales tax is applicable only to rental receipts up to the date of the accident. All other payments by the lessee due under the lease contract are not taxable because those payments are indemnity payments for the loss of the vehicle rather than rental or purchase payments. 1/27/70.