New Jersey Statutes 54:32B-8.57. Sale-leaseback transaction, exemption from tax
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Terms Used In New Jersey Statutes 54:32B-8.57
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
16. Receipts from a sale-leaseback transaction are exempt from the tax imposed under the “Sales and Use Tax Act”, P.L.1966, c.30 (C. 54:32B-1 et seq.). For purposes of this section, a “sale-leaseback” means a transaction where the owner of tangible property sells the property to a lessor, who leases it back to the owner within 180 days from when the property was originally placed in service by the owner. A sale-leaseback shall be considered a financing arrangement and shall not be considered a separate sale, use, or lease of the property.
L.2005,c.126,s.16.