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2009 SESSION

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HB 2472 Short-term rental property; definition/removes daily rental property defin. from merchants' capital.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Merchants' capital tax.  Deems a business with at least 60 percent of its gross rental receipts from the rental of heavy equipment property for periods of 270 consecutive days or less to be a short-term rental business.  Such business would be subject to a one percent tax on its gross receipts from the rental of short-term rental property.

SUMMARY AS INTRODUCED:

Merchants' capital tax.  Deems rented merchants' capital under contracts giving both the lessor and the lessee the right to terminate at any time to be daily rental property. Under current law, persons engaged in the short-term rental business cannot be taxed in an amount that exceeds one percent of the gross proceeds from daily rental property.