Texas Tax Code - Section 151.427. Deduction For Property On Which The Tax Is Paid And Held For Resale
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Texas Laws > Tax Code > Texas Tax Code - Section 151.427. Deduction For Property On Which The Tax Is Paid And Held For Resale
Section: 151.420 151.421 151.422 151.423 151.424 151.425 151.426 151.427 151.428 151.429 151.4291 151.430 151.431 151.432 151.501
§ 151.427. DEDUCTION FOR PROPERTY ON WHICH THE TAX IS PAID
AND HELD FOR RESALE. (a) A seller who has paid the tax imposed by
this chapter on the sales price of tangible personal property
acquired for storage or use may deduct the amount of the tax paid if
the seller resells, leases, or rents the item to another in the
regular course of business before the seller has made any use of the
property other than retaining, displaying, or demonstrating it
while holding it for sale in the regular course of business.
(b) If a deduction is taken under Subsection (a) of this
section, the person who sold the property to the seller may not
receive a credit or refund with respect to the sale of the property
to the seller.
(c) The deduction allowed by Subsection (a) of this section
must be taken in accordance with any rule on the deduction made by
Acts 1981, 67th Leg., p. 1576, ch. 389, § 1, eff. Jan. 1, 1982.
Last modified: August 11, 2007