New Jersey Statutes Title 54. Taxation 54 § 32B-8.57

Receipts from a sale-leaseback transaction are exempt from the tax imposed under the “Sales and Use Tax Act”, P.L.1966, c. 30 (C.54:32B-1 et seq.). For purposes of this section, a “sale-leaseback” means a transaction where the owner of tangible property sells the property to a lessor, who leases it back to the owner within 180 days from when the property was originally placed in service by the owner. A sale-leaseback shall be considered a financing arrangement and shall not be considered a separate sale, use, or lease of the property.