Friday, August 11, 2017

Sales tax and boat

The Rhode Island Division of Taxation has posted a Declaratory Ruling involving the application of the sales and use tax to a boat.

In Ruling 2017-04, the Division determined that a nonprofit organization's receipt and ownership of a boat, as well as the organization's lease of the boat to others, the receipt of payments under the lease, and the potential sale of the boat are all exempt from Rhode Island sales and use tax under Rhode Island General Laws sections 44-18-30(48). To view a copy, click here.