N.J. Admin. Code § 18:24-28.8

Current through Register Vol. 56, No. 11, June 3, 2024

Section 18:24-28.8 - Homebreds

(a) A horse that is raced in New Jersey by the breeder is exempt from the sales and compensating use tax. However, if a breeder transfers ownership of the horse and later reacquires the horse to race, the reacquisition is considered a taxable purchase.

(b) Sales tax is due upon reacquisition of the horse in New Jersey for racing purposes. If the horse is reacquired outside of New Jersey and is subsequently raced in New Jersey, the user will be subject to a compensating use tax if the purchaser met the resident requirements set forth in 18:24-28.5 at the time of reacquisition.

N.J. Admin. Code § 18:24-28.8

Amended by 48 N.J.R. 824(a), effective 5/16/2016