Sales, Use and International Tax Activity Update - August 2010

New York Enlightens Lessors on Long-Term Leases

The New York Department of Taxation and Finance has issued a dealer's guide that explains the rules for computing state and local sales and use taxes on long-term motor vehicle leases in New York.

For purposes of the publication, "long-term lease" means a lease that covers a period of one year or more. It also includes any lease for a period of less than one year that includes one or more options to renew or contains similar contract provisions that, if exercised, would make the total period of the lease one year or more.

Publication 839, New York Department of Taxation and Finance, July 2010.

The Publication 839 can be viewed on the New York Department of Taxation and Finance Web site.

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