New Jersey S1164 exempts certain credit unions from sales and use tax.

New Jersey S1164 amends the sales and use tax law to exempt certain credit unions from sales and use tax. This exemption applies to credit unions regulated under the state's Credit Union Act, except for federally chartered credit unions, which maintain their exemption from state sales tax under federal law. The exemption expires if federally chartered credit unions lose their current exemption from state sales taxes. Additionally, the exemption does not apply if the credit union is a purchaser or user of tangible personal property for the purpose of being a lessor.

New Jersey S1164 exempts certain credit unions from sales and use tax.

New Jersey S1164 amends the sales and use tax law to exempt certain credit unions from sales and use tax. This exemption applies to credit unions regulated under the state's Credit Union Act, except for federally chartered credit unions, which maintain their exemption from state sales tax under federal law. The exemption expires if federally chartered credit unions lose their current exemption from state sales taxes. Additionally, the exemption does not apply if the credit union is a purchaser or user of tangible personal property for the purpose of being a lessor.