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BTLG Table of Contents > Sales and Use Tax Annotations > L > 330.0000 Leases Of Tangible Personal Property—In General > Annotation 330.2955

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

Annotation 330.2955

(a) In General

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330.2955 Tax Paid on Cost and Rentals Payable. When property is leased in the same form as acquired and tax was mistakenly paid both on cost and on rentals payable in a timely manner, the first payment of tax will determine the election to report tax measured by cost or by rentals payable. If tax was first paid measured by cost, then rental receipts are not subject to tax in accordance with Regulation 1660(c)(3). On the other hand, if tax was first paid on rental receipts, the tax paid on cost is subject to refund. 4/15/91.