Sales tax when buying new truck, I live in NYC

Have to pay FET. No getting around that

 

There is a form you fill out in Illinois to be exempt. You need to either be a recognized carrier or be leased to a recognized carrier. It's a pita!

 

You are referring to sales tax. FET is a Federal tax that we all must pay.
FET is only applied on new equipment.

 

Do not buy a new truck unless you buy it from Wisconsin.
It's the only state that has a lemon law for commercial brand new trucks.

 

There are actually rumors that congress will be introducing a bill to decrease or eliminate the FET next year. Of course it will be too late for my new truck purchase this year. That extra 12% is a big pill to swallow.

 

Watch out for Tennessee. Their constitution prohibits a state income tax, so they screw with a high sales tax AND a tax on your LLC.

Most states, like the feds don’t tax LLC’s. Tennessee does tax your LLC though, just as if it were a corporation.

 

They sure do..... pay 9.25%. sales tax and $300 for my LLC .... Pay $1,000 for my auto insurance and $1200 a year for a 12 year home bought new, this currently. In New Jersey, 12 years ago, hate to see what I would pay now, I was paying 6% sales tax and $4,200 for auto insurance and $6,000 for property taxes.. I'm not a great consumer and have Kentucky close by. Which one would you take? I'm saving a ton of money in TN, its also a truck friendly state. Not like the north east. Just saying.

 

Tennesee has a rolling stock exemption, when you title/register it, they are supposed to have you fill out an exemption form with all the information on the truck and its sale to you allowing you to make the claim that you are using it for interstate.

 

So does Illinois. You have to be pleased to a motor carrier that is exempt.

 

Actually you don't, you make the claim, in Tennessee, it is a form that is filled out to make the claim and then they process it as an interstate truck. Michigan I don't need to fill anything out, I just tell them that. I think there are 37 states that accept the rolling stock exemption but I am too tired to look it up so I will stick with 37.