Transaction Privilege Tax Exemptions for Certain Commercial Leases (SB 1166)

Senate Bill 1166 creates an exemption for municipal transaction privilege, sales, use and other similar taxes on commercial leases in which a corporation leases real property to an affiliated corporation of which at least 80% of the voting shares are owned by the same shareholders.  The new exemption is limited to corporations and does not apply to partnerships, limited liability companies or other entities.