A bill for an act exempting certain leases or rentals between affiliates from the sales and use tax and from the fee for new vehicle registration, and including effective date and retroactive applicability provisions.

This bill exempts sales and use taxes, as well as new vehicle registration fees, for leases or rentals of vehicles between affiliated businesses. The law applies retroactively to transactions occurring before its effective date, allowing past agreements between related companies to qualify for these tax breaks. By removing these financial obligations for intra-company vehicle transfers, the legislation aims to reduce costs for businesses operating within the same corporate family.