12 CSR 10-23.424 - Leasing Company Registration

PURPOSE: This rule sets forth the requirements for obtaining a permit to operate as a motor vehicle, trailer, boat, or outboard motor leasing company.

(1) Any person, company, or corporation engaged in the business of renting or leasing motor vehicles, trailers, boats, or outboard motors either may elect to pay sales tax on the purchase price or elect to collect and remit sales tax on the gross receipts from the rental or lease of the motor vehicles, trailers, boats, or outboard motors. Any person, company, or corporation electing to collect and remit sales tax on the gross receipts from rental or lease shall apply to the director of revenue for a permit to operate as a leasing company.

(2) To apply for registration as a leasing company, the applicant shall submit a completed application on a biennial basis as prescribed by the director. A copy of the applicant's Missouri sales tax license shall accompany the initial application. The applicant also shall be properly registered with the Office of the Missouri Secretary of State and shall furnish proof of that registration upon request.

(3) The director may stagger expiration dates to equalize workload. Leasing companies with expired registrations will not be entitled to the sales tax option provided by section 144.070, RSMo, and will pay all state and local sales tax on the purchase price of any units acquired while the registration is expired.

(4) Motor vehicles, trailers, boats, and outboard motors purchased by a registered leasing company shall be titled in the name of the leasing company as registered with the director. The leasing company shall record its leasing permit number assigned by the director on all applications for title in order to be exempt from sales tax at the time of titling.

(5) Any transfer of a motor vehicle, trailer, boat, or outboard motor to another division from one (1) division of a corporation which authorizes a division to register as a motor vehicle leasing company is a sale at retail as defined in section 144.010, RSMo.

(6) The director will deny application for, or recall any permit to operate as a leasing company, if the applicant-

(A) Has fraudulently completed the application for registration;

(B) No longer holds a valid Missouri sales tax license; or

(C) Is no longer properly registered with the Office of the Missouri Secretary of State.

(7) A leasing company registered with the director pursuant to section 144.070, RSMo, which ceases to operate as a leasing company in accordance with the law, the rules established by the director, or both, shall notify the director accordingly and, within ten (10) days of cessation of operation, return the permit to operate as a leasing company to the director.

Notes

12 CSR 10-23.424

AUTHORITY: sections 144.070 and 144.270, RSMo 2016, and section 144.010, RSMo Supp. 2018.* Emergency rule filed Oct. 28, 1991, effective Nov. 7, 1991, expired March 6, 1992. Emergency rule filed Feb. 26, 1992, effective March 7, 1992, expired July 5, 1992. Original rule filed Oct. 28, 1991, effective May 14, 1992. Amended: Filed Oct. 10, 2003, effective April 30, 2004. Amended: Filed Oct. 25, 2018, effective May 30, 2019.

Adopted by Missouri Register April 1, 2019/Volume 44, Number 7, effective 5/31/2019