(a) An advisory opinion represents an expression of the views of the Commissioner of Taxation and Finance as to the application of law, regulations and other precedential material to the set of facts specified in the petition for advisory opinion. An advisory opinion (including an advisory opinion issued before September 1, 1987 by the State Tax Commission) is binding upon the commissioner only with respect to the petitioner and only about the facts described in the advisory opinion.

(b) An advisory opinion is limited to the law, regulations and other precedential material in effect as of the date the opinion is issued or for the specified period at issue in the opinion. The conclusions of an issued advisory opinion may be affected by subsequent changes in law or regulations; Tax Appeals Tribunal or judicial decisions; or any other technical memorandum, publication or written document issued by the division announcing a change in policy.

(c) An issued advisory opinion found by the commissioner to be in error or not in accord with the current views of the division may be modified or revoked, but the modification or revocation will operate prospectively only. Modification or revocation of an advisory opinion is made by a notice to the person to whom the advisory opinion was issued.