Sales, Use and International Tax Activity Update - June 2012
New Regulation for Lease and Rental of Tangible Personal Property
Regulation SU 12-62 has been released and is effective July 1, 2012. The regulation covers leases and rentals of tangible personal property (TPP), including motor vehicles. Some of the provisions within the regulation are:
- Definitions of terms pertaining to lease and rental transactions
- Sourcing or situs rules for leases and rentals of TPP, including motor vehicles
- proper taxation for leases and rentals of TPP, including motor vehicles
- provisions around the election to pay sales and use tax upon the acquisition of TPP, including motor vehicles, for lease and rental purposes
Regulation SU 12-62 can be found on the Rhode Island Department of Revenue website at: http://www.tax.ri.gov/regulations/salestax/
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