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 330.3508

(b) RENTAL RECEIPTS—ITEMS INCLUDED AND EXCLUDED

330.3508 Optional Items on Lease Contract. A lessee of a motor vehicle has the option of purchasing an extended service agreement; life and accident and health insurance; vehicle insurance to cover remaining lease liability in the event of theft or destruction of the leased property; and other charges which are not part of the cost of the leased vehicles such as Federal Luxury Tax. The charges for these items are not subject to tax whether paid in total at the start of the lease or paid in installments with the lease payments. If paid in installments, they need not be separately stated on the installment billings. If they are not, they must be separately stated on the lease agreement. 5/16/94.