Free Application for Exemption of Goods-in-Transit - Texas

50-758 (01-08/4)

APPLICATION FOR EXEMPTION OF GOODS-IN-TRANSIT
Appraisal district name Address

YEAR Phone (area code and number)

INSTRUCTIONS: This exemption applies to items in your inventory of last year (if applicable) that (1) were acquired in or imported into Texas to be forwarded to another location (2) were temporarily stored at a location in which you do not have a direct or indirect ownership interest for assembling, storing, manufacturing, processing or fabricating by the person who acquired or impotred the items and (3) that are transported to another location, inside or outside the state, within 175 days after the items were acquired or imported into the state. The exemption does not apply to oil, natural gas, petroleum products, aircraft, dealer's motor vehicle inventory, dealer's vessel and outboard motor inventory, dealer's heavy equipment inventory or retail manufactured housing inventory. You must file the completed form between January 1 and no later than April 30 of this year. Be sure to attach any additional documents requested. You must apply for the exemption in each year you claim entitlement.

Step 1: Owner's name and address

Owner's name Current mailing address City, state, ZIP Code Name of person preparing this application Driver's License, Personal I.D. Certificate or Social Security Number*: Phone (area code and number) Title

Step 2: Authorized Agent's Name

Authorized agent's name (if different from above) Mailing address City, state, ZIP Code Phone (area code and number)
Give appraisal roll account number if available or attach tax bill or copy of appraisal or tax office correspondence concerning this account. If unavailable, give the street address at which the property is located.

Step 3: Describe the property

Appraisal district account number Location of inventory (street address, city, ZIP Code)

Give a general description of the types of items in this inventory. (use additional sheets if necessary)

Step 4: Answer these questions about your property

For the purposes of this application, "inventory" means your inventory of finished goods, supplies, raw materials and work in process. (a) Are you applying for the freeport exemption this year? ............................................................................ Yes (b) Will portions of this inventory be transported inside or out of the state this year? ................................. Yes (c) Have you applied for appraisal of your inventory on September 1? ....................................................... Yes (d) Were portions of your inventory transported to another location inside or out of the state throughout last year? ...................................................................................................... Yes No No No No

If you checked "no," because inventory was transported for part of year, list the months during which portions of your inventory were transported to another location last year. 1. Give the total cost of goods sold for the entire year ending December 31, ________________ $ ______________________________ 2. Give the total cost of goods sold that were acquired in Texas or imported into Texas to forward to another location, that were detained at a location you had no ownership interest in, for assembling, storing, manufacturing, processing or fabricating by the person who acquired or imported them, and that were transported to another location within 175 days after the date you acquired them or imported them into the state last year, less the cost of any equipment, machinery, or materials that were incorporated into the goods, but that do not qualify as goods-in-transit inventory. 3. On what types of records do you base the amounts given above? (Check as many as apply.) Audited financial statements Internal reports Texas franchise tax reports Sales records Bills of lading Other (describe) ________________________________________________
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$ ______________________________

Form 50-758 (01-08/4) - Page 2

Step 4 (continued): Answer these questions about your property

4. Percentage of last year's inventory value represented by goods-in-transit (divide 2 by 1). 5. Will the percentage of goods-in-transit this year be significantly different than the percentage of goods-in-transit last year? .................................................................................................................... Yes No

%

6. If "YES," why? ____________________________________________________________________________________________________ __________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________ 7. What was the market value of your inventory on January 1 of this year (or September 1 of last year, if you have qualified for September 1 inventory appraisal)? 8. What is the value of the inventory you claim will be exempt this year?

$ $

Step 5: Sign the form

I certify that the information in this document and all attachments is true and correct to the best of my knowledge and belief.
Date

Title

If you make a false statement on this application, you could be found guilty of a Class A misdemeanor or a state jail felony under Texas Penal Code Section 37.10.
* You are required to give us this information on this form, in order to perform tax related functions for this office. Section 11.43 of the Tax Code authorizes this office to request this information to determine tax compliance. The chief appraiser is required to keep the information confidential and not open to public inspection, except to appraisal office employees who appraise property and as authorized by Section 11.48(b), Tax Code.

OTHER IMPORTANT INFORMATION After you file this application, your chief appraiser may require additional information from you before granting the goods-in-transit exemption. You must provide the additional information within 30 days of the request. If you do not provide the information requested, you forfeit the right to receive the exemption for this year.