A. A lessee of personal property shall not be required to pay the tax imposed by this chapter for any lease or rental payment period in which the lessee in turn will act as a lessor of the same property, provided that the lessee supplies to its lessor a written verification that the property is being leased for re-lease, together with either (A) a re-lease certificate issued by the department, or (B) documentary evidence that the subsequent lease is exempt from or otherwise not subject to, the tax.
B. Subsection A of this section shall not apply if the lessee in turn will act as a lessor of the same property in a transaction that is exempt pursuant to subsection 3-32-050 A.(4), A.(7) or A.(8) of this chapter.
(Added Coun. J. 12-15-92, p. 27387; Amend Coun. J. 11-10-94, p. 59125, § 4.3, effective 7-1-95)