1. (a) The permit issued to a carrier for a motor vehicle must be surrendered for cancellation to the State Tax Commission and the sticker issued therefor must be destroyed within five days after the termination of his right to the use or control of the motor vehicle. However, if a permit and sticker are issued to the owner and the vehicle is subsequently leased, the owner may retain possession of the permit and sticker although they may not be used on any other motor vehicle.

2. (b) A permit issued to the owner of a motor vehicle may be surrendered and the sticker destroyed when the motor vehicle is leased for a period of more than 30 consecutive days under a lease or agreement granting direct control thereof to the lessee in order to relieve the owner of the necessity of including that vehicle in his tax returns. Similarly, after a permit and sticker are issued for a motor vehicle, if the motor vehicle becomes exempt from the provisions of article 21 of the Tax Law, the permit may be surrendered and the sticker destroyed, thus relieving the carrier thereof of the necessity of including that vehicle in his tax returns. (See section 484.2 of this Title.)

   Example:

   A farmer has obtained a permit and sticker for a truck which he operates to carry produce from farms not contiguous to his own. The truck will no longer carry such produce but will be used exclusively for one of the purposes set forth in section 471.5 of this Title. The permit may be surrendered, and the sticker destroyed at the end of the month in which he stops carrying produce from other farms.

3. (c) A permit issued to the lessee of a motor vehicle must be surrendered for cancellation and the sticker issued therefor destroyed within five days after the termination of the lease. However, if a permit and sticker are issued to a lessee of a motor vehicle, the permit and sticker need not be surrendered at the termination of the lease if the lease is immediately renewed or extended and the same lessee continues to operate the motor vehicle.
4. (d) A permit issued to the owners of a motor vehicle must be surrendered for cancellation and the sticker issued therefor destroyed within five days after a transfer when the motor vehicle for which they were issued is transferred.
5. (e) A permit issued for a motor vehicle must be surrendered for cancellation and the sticker issued therefor destroyed within five days after the motor vehicle is retired from service or junked, or within five days after any transfer of the business which results in a change of ownership of the motor vehicle. (See sections 473.4 and 474.5 of this Title.)

Tax Law, § 502