Louisiana Revised Statutes 9:3362 – Taxes
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Terms Used In Louisiana Revised Statutes 9:3362
- Rental-purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less, that is automatically renewable with each payment after the initial period, but that does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Louisiana Revised Statutes 9:3352
Rental-purchase agreements, as defined by La. Rev. Stat. 9:3352, shall be deemed to be sales for state and local tax purposes only. The tax due on such transactions shall be payable in equal monthly installments over the entire term of the rental-purchase agreement, rather than at the inception of the agreement.
Acts 1991, No. 204, §1, eff. Jan. 1, 1992.