New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 24 - SALES AND USE TAX ACT
Subchapter 28 - RACE HORSES
Section 18:24-28.7 - Trades
Universal Citation: NJ Admin Code 18:24-28.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Trading of horses within New Jersey is a taxable transaction for each party to the trade. Sales tax due is to be computed on the current market value of the horse accepted in trade.
(b) Trading of horses outside of New Jersey will cause the parties to the trade to be liable for a compensating use tax if they meet the resident requirements set forth in 18:24-28.5 at the time of the trade and subsequently race the horse in New Jersey. Compensating use tax is to be computed on the market value, as provided in 18:24-28.4, of the horse accepted in trade.
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