54:32B-8.57 Sale-leaseback transaction, exemption from tax.
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/nj/title-54/chapter-32b/54-32b-8-57·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.