Lease exemption conditions: continued land use required, contractual disclosure mandated, and joint liability for violations enforced. The amendment revises tax treatment of long term leases of industrial or financial plots by conditioning exemption on continued use for the allotted purpose, imposing State monitoring obligations, creating joint and several liability of original and subsequent lessors, lessees, buyers or owners for state tax, interest and penalty upon violation or change of land use, and mandating that lease, sublease and sale agreements disclose the exemption and bind successors to comply.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Lease exemption conditions: continued land use required, contractual disclosure mandated, and joint liability for violations enforced.
The amendment revises tax treatment of long term leases of industrial or financial plots by conditioning exemption on continued use for the allotted purpose, imposing State monitoring obligations, creating joint and several liability of original and subsequent lessors, lessees, buyers or owners for state tax, interest and penalty upon violation or change of land use, and mandating that lease, sublease and sale agreements disclose the exemption and bind successors to comply.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
