§ 77-2704.28 — Leases between related companies; exemption

Nebraska § 77-2704.28

• Jurisdiction: Nebraska
• Ch. 77: Revenue and Taxation

Text

A lease of property from a subsidiary to the parent company, from a parent company to a subsidiary, from one subsidiary to another subsidiary of the same parent company, or between brother-sister companies shall not be subject to the sales and use tax imposed by the Nebraska Revenue Act of 1967 if such property was either originally acquired prior to June 1, 1967, or if acquired thereafter, the seller or transferor directly or indirectly has previously paid a sales or use tax thereon. Such lessor company shall have the same sales and use tax liability on the purchase of property to be leased to the lessee company as the lessee company would have paid if the lessee company had purchased the property directly.

Legislative History

Source: Laws 1992, LB 871, § 55; Laws 1993, LB 345, § 47.