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BTLG Table of Contents > Sales and Use Tax Annotations > L > 330.0000 Leases Of Tangible Personal Property—In General > Annotation 330.2500

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330.0000 Leases of Tangible Personal Property—In General—Regulation 1660

Annotation 330.2500

(a) In General

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330.2500 Option to Purchase Exercised After Tax Rate Change. Where a lease with option to purchase was executed prior to the date of a tax rate change, rental payments made before that date were subject to tax at the prior rate of tax and thereafter at the new rate of tax. If the option to purchase is exercised on or after that date the gross receipts from the sale will be subject to tax at the new rate. (Refer to section 6376.1 which contains several grandfather exemptions for leases that are continuing sales and purchases if the leases are for fixed amounts and where the seller or purchaser is under an obligation.) 8/16/67.