17 NCAC 07B .4401          LEASE RECEIPTS

The gross receipts or gross proceeds derived from or the total amount agreed to be paid for the lease or rental, within North Carolina, of all kinds and types of tangible personal property not specifically exempt by statute are subject to the sales or use tax at the same rate which is applicable to the retail sale of such property.  The tax shall be computed and paid on such gross receipts, gross proceeds, or rental payable without any deduction whatsoever for any expense incident to the conduct of business.  The tax is due and payable at the time the lessor bills the lessee for the rent whether such billing is for the lump sum rental or on a monthly or other periodic basis.


History Note:        Authority G.S. 105‑164.4; 105‑164.6; 105‑262;

Eff. February 1, 1976.