Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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545.0000 "TAX-PAID PURCHASES RESOLD"—Regulation 1701

Annotation 545.0070

545.0070 Tax Paid Purchases Resold Deduction Exceeds Tax Liability. Where the taxpayer's tax paid purchases resold deduction would exceed its tax liability, the deduction is limited to the amount of the taxpayer's tax liability under Regulation 1701. In this case, the taxpayer would be required to request its vendors to file claims for refund, since a refund is restricted to the person who paid the tax to the Board. Any refund paid to the vendors in this type of situation would be conditioned upon payment by the vendor to the person who paid the tax reimbursement to the vendor. 2/2/82.