Boat Sales, Rentals, and Leases Exempt in Rhode Island

Monday, August 14th, 2017

 
 
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The Rhode Island Division of Taxation recently ruled that the sale or rental of a boat is exempt.

The taxpayer was a non-profit corporation that received a fifty-two-foot boat as a donation. The taxpayer intended to lease the boat to a private party and requested a ruling on the taxability of all transactions related to the acquisition and lease of the boat.

Rhode Island exempts boat sales. Rhode Island defines "sale" to include a "lease or rental." As a result, all transactions related to the boat were found to be exempt, including a fee that grants the lessee an option to purchase the boat at the end of the lease.

https://www.ttrus.com/RhodeIslandBoat


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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