701—281.12(423) Exemption for vehicles previously purchased for rental. The use of motor vehicles subject to registration and previously purchased for rental is exempt from tax if the following circumstances exist:
	1.	The motor vehicle was registered and titled between July 1, 1982, and July 1, 1992, inclusive;
	2.	The motor vehicle was registered and titled to a motor vehicle dealer licensed under Iowa Code chapter 322;
	3.	The motor vehicle was rented to a “user” as that term is defined in Iowa Code section 423C.2 and 701—251.1(423C);
	4.	The dealer kept the vehicle on the inventory of vehicles for sale at all times;
	5.	The vehicle was to be immediately taken from the user when a buyer was found; and
	6.	The user was aware of this fact.
This rule is intended to implement Iowa Code chapter 423.
[Editorial change: IAC Supplement 11/2/22; Editorial change: IAC Supplement 10/18/23]