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NYS sales tax sucks...
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Posted by jimbobjoe [Email] (more from jimbobjoe) on Fri, 14 Dec 2007 18:17:12 Share Post by Email
In Reply to: Re: we did not buy this car just now., n8, Wed, 12 Dec 2007 13:09:37
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New York State vehicle sales tax is a savage beast all onto itself. When I worked in auto finance for BMW, it was the state that provided the most terror in regards to sales tax.

There are eight states which New York State will give credit for sales taxes paid (like you mentioned above, only requiring the difference.) NYS doesn't recognize tax paid to any of the other states.

Rather cruelly, NYS requires upfront sales tax paid on a leased vehicle. So does, as I recall, New Jersey. So an individual leases a car in Jersey, pays all the sales tax on the lease, then moves to New York, and has to...*again* pay the sales tax on the *entirety* of the lease.

Even worse, NYS requires entire sales tax payment when a lease is turned into a purchase. For instance, if a person leases a $35k car with, say, a $10k total lease cost, they'll pay sales tax on that $10k. Then they decide to buy out the lease for $25k. NYS would not give the owner credit for the tax on the first $10k, and require sales tax on the entire $35k.

posted by 75.187.4...

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