N.J.S.A. 54:32B-8.53 — Rentals between certain closely related business entities, exemption

54:32B-8.53. Rentals between certain closely related business entities, exemption 1. a. Receipts from the rental of tangible personal property, on which sales tax was paid or use tax obligations have been satisfied, between related persons, not engaged in the regular trade or business of renting that property to other persons, are exempt from the tax imposed under the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.). b. For the purposes of this section, "related persons" means persons that are 80% or more owned by each other or that are 80% or more owned by the same third parties. L.2003,c.136.

This is the verbatim text of N.J.S.A. 54:32B-8.53, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.