Tax Type
Property Tax
Description
National Bank;Motor Vehicles Used in Leasing Business
Topic
Property Subject to Tax
Date Issued
12-17-1973
A national bank engaging in the business of leasing motor vehicles is subject to a local business privilege license tax applicable to a business engaged in renting tangible personal property.
A national bank engaging in the business of leasing motor vehicles is subject to a local business privilege license tax applicable to a business engaged in renting tangible personal property.
A national bank is not subject to tangible personal property taxes on motor vehicles it owns and uses in its motor vehicle leasing business. Instead, the vehicles are included in the taxable value of the bank's shares.
Attorney General's Opinion