Highway Use Fee - Registration is now open for certain carriers to register for the new Connecticut Highway Use Fee - Click here for more information.


IMPORTANT INFORMATION - the following tax types are now available in myconneCT: Individual Income Tax, Attorney Occupational Tax, Unified Gift and Estate Tax, Controlling Interest Transfer Tax, and Alcoholic Beverage Tax. - Click here for the latest information.

This information is not current and is being provided for reference purposes only

Ruling 89-275

Resale


The total gross receipts for the lease or rental of tangible personal property is subject to sales and use tax. A lessor may purchase tangible personal property he or she uses exclusively for leasing purposes without payment of the sales and use tax by issuing a valid resale certificate to the seller.

In the situation described in your letter, a leasing company is selling its assets, which include equipment and leases of said equipment to another leasing company that is engaged in the same business. The sale of the assets, equipment and leases of said equipment, is not taxable provided the leasing company purchasing the assets issues a valid resale certificate to the leasing company selling the assets.

LEGAL DIVISION

December 12, 1989