West Virginia Governor Signs Law Creating Sales Tax Exemption for Rental, Leasing of Equipment

The West Virginia Governor April 28 signed a law creating a sales and use tax exemption for equipment rentals and leases among commonly owned companies. The law includes measures: 1) creating a consumer sales and use tax exemption for rentals or leases of heavy equipment or machinery among corporations with at least 50 percent common ownership; 2) expanding on similar exemptions for services performed by one corporation for an entity with at least 50 percent common ownership; 3) providing a list of tangible personal property and services eligible for the exemption; 4) defining relevant terms; and 5) excluding from the ...