An excise tax is imposed upon the privilege of the use of rented tangible personal property and any product transferred electronically in this state at the rate of four and two-tenths percent of the rental payments upon the property.

Source: SL 1983, ch 86 , § 7; SL 1987, ch 98 , § 11; SL 1988, ch 106 , § 1; SL 2008, ch 51 , § 38; SL 2016, ch 65 , § 10, eff. June 1, 2016; SL 2023, ch 32 , § 10.