This part shall be known and may be cited as the Property Tax Reimbursement Law.
Part 13.7Property Tax Reimbursement Law
Section § 31201
This section establishes the official name for this part of the law as the Property Tax Reimbursement Law. It's basically how this law is identified and referred to.
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Section § 31202
This law defines terms related to heavy equipment rental for specific purposes. It clarifies that 'heavy equipment property' refers to rental items from a business that primarily rents such equipment. A 'qualified heavy equipment renter' is a business whose main operation is renting heavy equipment and fits into specific industry codes (532412 or 532310) as per the 2012 North American Industry Classification System.
For purposes of this part, all of the following definitions shall apply:
(a)CA Revenue and Taxation Code § 31202(a) “Heavy equipment property” means rental property of a qualified heavy equipment renter.
(b)CA Revenue and Taxation Code § 31202(b) “Qualified heavy equipment renter” means a renter that satisfies both of the following:
(1)CA Revenue and Taxation Code § 31202(b)(1) The principal business of the renter is the rental
of heavy equipment property.
(2)CA Revenue and Taxation Code § 31202(b)(2) The renter is engaged in a line of business described in Code 532412 or 532310 of the North American Industry Classification System published by the United States Office of Management and Budget, 2012 edition.
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Section § 31203
This law requires that any property tax collected by someone renting out heavy equipment must follow the rules set out in another law, specifically Section 1656.5 of the Civil Code.
Any property tax reimbursement collected by a qualified heavy equipment renter shall conform to Section 1656.5 of the Civil Code.
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