Short Term Rental Tax on Tangible Personal Property
Short-Term Rental Tax applies to businesses engaged primarily in the short-term rental of tangible personal property. If a minimum of 80% of gross rental receipts are for a period of 92 days or less, the business must be registered with the Commissioner of the Revenue and must collect and remit a 1% tax for daily rentals of regular equipment or 1.5% tax for daily rentals of heavy equipment. Merchants meeting the short-term rental criteria must collect a tax on all daily rentals in lieu of personal property taxation on rental property. Click here for more information on short term rental tax requirements.