AB 1204

Bill Subjects

Abstract

The Sales and Use Tax Law imposes a use tax on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state. That law specifies that a "purchase" means and includes, among other things, a transaction whereby the possession of tangible personal property is transferred, but the seller retains the title to the property as security for the payment of the price. This bill would make technical, nonsubstantive changes to this definition of purchase.