MANUFACTURERS CAN NOW RECEIVE PARTIAL EXEMPTIONS OF SALES AND USE TAXES. Originally posted by Q Applied Systems in March of 2014, this California law that allows for certain purchases to be eligible for a reduction in sales and use taxes is still in effect. According to the State Board of Equalization, manufacturers in the science fields who purchase or lease manufacturing or R&D equipment can be eligible for the reduced 3.3125% tax rate for up to $200 million in purchases per year. Examples of purchases include qualified machinery, moving parts, pollution control equipment and special purpose buildings. Both sellers and purchasers need to become familiar with the requirements and necessary forms. Over the past year we have sold equipment to several corporations that took advantage of this cost savings program. Chances are you can benefit from it too.
Learn More from these Sate Board Of Equalization Links:
Q Applied Systems Corp is a manufacturers’ representative of HVAC and moisture control equipment and systems as well as fume and dust collection products. To learn more about these commercial and industrial products you can contact Q Applied Systems or visit our website for more information.
Please feel free to share this with your friends and colleagues by clicking the share buttons below.