Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2013
Sales and Use Tax Annotations
505.0000 SALES TO THE UNITED STATES AND ITS INSTRUMEN-TALITIES—Regulation 1614
(a) IN GENERAL—AGENCIES QUALIFYING FOR SALES TAX EXEMPTION
505.0226 Instrumentalities of the United States. The Federal Deposit Insurance Corporation as an incorporated agency of the United States was appointed receiver for a bank closed by the State Superintendent of Banks. FDIC continued to lease equipment under lease by the bank to various lessees. The tax on the leases is a use tax imposed on each lessee but the lessor has the responsibility to collect the tax from the lessee at the time the rentals are paid. The fact that FDIC is an instrumentality of the United States does not excuse it from this collection pursuant to section 6204 obligation (since the tax is not imposed directly on it), even if the tax was not collected from the lessee. 7/29/81.