NY S09065

Amends tax law regarding motor vehicle leases with terms of one year or more that include indeterminate renewal options or thirty-six or more monthly renewal options beyond the initial term.

Requires the lessor to either: (i) pay tax on the vehicle's purchase price as measured by section 1110, or (ii) collect and pay tax on all lease receipts for the first thirty-two months or the initial term, whichever is longer.

Provides that if a lessor chooses option (ii), tax on renewal options exercised after thirty-two months or the initial term must be collected and paid without regard to the subdivision's other provisions.

Applies only to leases where the lessee certifies in writing under penalty of perjury that more than fifty percent of vehicle use is for business purposes.

Takes effect immediately upon enactment.