“Colorado imposes a tax upon the lease and rental of tangible personal property within the state. The sales tax treatment of leased property depends on the length of the lease term. When a lease or rental contract grants the right to continuous possession or use of tangible personal property for more than three years and such transfer would be taxable if the property had been sold outright, then the lease or rental is considered the sale of such article and the lessor is required to collect sales tax on each lease or rental payment. Accordingly, the lessor’s initial purchase of the long-term lease property should be treated as a nontaxable purchase for resale.”
In this white paper our author, Adam W. Chase, J.D., LL.M., reviews lease and rental sales and use tax issues. He also covers sales of services … “Despite the common association between sales taxes and the sale of tangible personal property, Colorado and its various governmental subdivisions do impose sales taxes on the performance of a variety of services.5 At the state level, the list of services subject to sales tax includes intrastate telephone and telegraph service, gas, electric, and steam service for commercial consumption, and room and accommodation services.”
Mr. Chase wraps up with white paper with details on sales and use tax exclusions and exemptions. Download this material and continue reading …
Agenda
Faculty
Adam W. Chase, J.D., LL.M.
Hutchinson Black and Cook, LLC
- Of counsel to Hutchinson Black and Cook, LLC
- Practices in tax and corporate law
- Written extensively in the area of state and federal tax law, and wrote the book Colorado Sales & Use Taxation, The Complete State and Local Reference
- Frequent speaker on Colorado and multistate sales and use tax
- Teaches numerous seminars on the topic throughout Colorado and the United States
- J.D. degree, University of Colorado School of Law; LL.M. degree in taxation, New York University; bachelor’s degree in economics, University of Kent in Canterbury, United Kingdom; bachelor’s degree in economics, with honors, Haverford College in Haverford, Pennsylvania
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