Texas Comptroller Publishes Motor Vehicle Rental Tax Guide

The Texas Comptroller of Public Accounts Feb. 1 published a motor vehicle rental tax guide for sales and use and excise tax purposes. The guide will help taxpayers who rent motor vehicles in Texas to understand their permitting, tax collection, reporting, and records retention responsibilities for tax on gross receipts for vehicles they rent to customers. The publication discusses: 1) the motor vehicle rental tax permit; 2) tax collection by taxpayers and tax rates: 3) exempt rentals and exemption certificates; 4) the deduction for bad debts; and 5) reporting and tax remittance. The publication also discusses credits against minimum tax ...