Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Uniform Local Sales and Use Tax Annotations

700.0000 APPLICATION OF TAX—Regulation 1803

Annotation 700.0060

700.0060 Banks and Insurance Companies. The constitutional prohibition of the imposition of a tax directly upon banks or insurance companies would prevent the imposition of a local use tax to the same extent that it prevents the application of the state use tax. Similarly, in transactions involving retail sales to banks or insurance companies the seller is liable for payment of local sales taxes imposed by ordinances adopted under the Bradley-Burns Law to the same extent as in the case of sales to other purchasers. 7/21/58; 7/25/58.