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House committee approves bill shifting lease tax responsibility to lessee, caps local tax on leases
Summary
The House Revenue & Taxation Committee approved House Bill 1960 to move the tax obligation on vehicle leases from manufacturers to lessees and cap local sales taxes on lease streams at $2,500; sponsors said typical lessees could save $75–$100 per month.
Representative Jeff Wardlaw, R-94, told the House Revenue & Taxation Committee that House Bill 1960 would shift the tax responsibility on vehicle leases from manufacturers to the individual lessee and cap local sales taxes on lease streams at $2,500, bringing lease taxation closer to vehicle-purchase treatment.
The bill’s sponsor said the…
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