Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2016
Sales and Use Tax Annotations
330.0000 LEASES OF TANGIBLE PERSONAL PROPERTY—IN GENERAL—Regulation 1660
(b) RENTAL RECEIPTS—ITEMS INCLUDED AND EXCLUDED
330.3620 Vehicle Rebates. Where a leasing company receives rebates from automobile manufacturers because of the company's purchases of vehicles for placement in lease service, and retains the rebates for its own use, with the lessee deriving no benefit, or applies them to a lessee's deposit account, the rebates would not be taxable lease income since they would constitute reductions in the company's cost of acquiring the lease vehicles. 12/20/68.