63-602U. PROPERTY EXEMPT FROM TAXATION — PERSONAL PROPERTY SHIPPED INTO THE STATE AND STORED IN A PUBLIC OR PRIVATE WAREHOUSE STRUCTURE, AND DESIGNATED FOR SHIPMENT OUT OF THE STATE TO BE CONSIDERED IN TRANSIT. (1) Personal property shipped into this state and stored in a public or private warehouse structure, which property is not offered for sale in Idaho and designated for reshipment outside of the state, is considered to be "in transit" and shall be exempt from taxation. Such property shall not be deprived of exemption because while in storage, awaiting such further shipment, such personal property is labeled, packaged, disassembled, divided, broken in bulk, relabeled, or repackaged, or because the personal property is held for resale to customers outside the state of Idaho. Provided that all personal property claimed to be exempt "in transit" be labeled as such and shall be designated immediately upon receipt as being in transit upon the books and records of the warehouse, whether public or private, wherein the same is located. The books and records of such storage warehouse shall contain a full, true and correct inventory of all such property, together with the date of receipt of same, the point of origin, the date of its withdrawal, and, if known, the ultimate destination thereof. The books and records pertaining to the storage of any such in transit property shall be opened to inspection by any taxing authority in the state of Idaho having jurisdiction thereof upon reasonable demand having been made.
(2) Public warehousing is the storing of personal property by any person, firm or corporation regularly engaged in the business of storing such property for hire.
(3) Private warehousing is the storage of personal property by any person, firm or corporation which is carrying on the activity of warehousing or storing such property only in the operation of his or its own business. This exemption shall only apply to private storage from and after a notice, describing by address and physical premises, is filed with the county assessor, which notice shall be filed annually.
History:
[63-602U added 1996, ch. 98, sec. 7, p. 356.]
Structure Idaho Code
Title 63 - REVENUE AND TAXATION
Chapter 6 - EXEMPTIONS FROM TAXATION
Section 63-601 - ALL PROPERTY SUBJECT TO TAXATION.
Section 63-602 - PROPERTY EXEMPT FROM TAXATION.
Section 63-602A - PROPERTY EXEMPT FROM TAXATION — GOVERNMENT PROPERTY.
Section 63-602D - PROPERTY EXEMPT FROM TAXATION — CERTAIN HOSPITALS.
Section 63-602E - PROPERTY EXEMPT FROM TAXATION — PROPERTY USED FOR SCHOOL OR EDUCATIONAL PURPOSES.
Section 63-602F - PROPERTY EXEMPT FROM TAXATION.
Section 63-602G - PROPERTY EXEMPT FROM TAXATION — HOMESTEAD.
Section 63-602H - VALUE OF RESIDENTIAL PROPERTY IN CERTAIN ZONED AREAS.
Section 63-602J - PROPERTY EXEMPT FROM TAXATION — MOTOR VEHICLES AND VESSELS PROPERLY REGISTERED.
Section 63-602L - PROPERTY EXEMPT FROM TAXATION — INTANGIBLE PERSONAL PROPERTY.
Section 63-602M - PROPERTY EXEMPT FROM TAXATION — CERTAIN SECURED DUES AND CREDITS.
Section 63-602P - PROPERTY EXEMPT FROM TAXATION — FACILITIES FOR WATER OR AIR POLLUTION CONTROL.
Section 63-602Q - PROPERTY EXEMPT FROM TAXATION — CERTAIN COOPERATIVE TELEPHONE LINES.
Section 63-602R - PROPERTY EXEMPT FROM TAXATION — AGRICULTURAL CROPS.
Section 63-602X - PROPERTY EXEMPT FROM TAXATION — CASUALTY LOSS.
Section 63-602Y - PROPERTY EXEMPT FROM TAXATION — EFFECT OF CHANGE OF STATUS.
Section 63-602Z - EXEMPTION FROM OCCUPANCY TAX.
Section 63-602AA - PROPERTY EXEMPT FROM TAXATION — EXCEPTIONAL SITUATIONS.
Section 63-602BB - PARTIAL EXEMPTION FOR REMEDIATED LAND.
Section 63-602DD - MANUFACTURED HOMES USED UNDER A DEALER’S PLATE OR AS A SHEEP AND COW CAMP.
Section 63-602EE - PROPERTY EXEMPT FROM TAXATION — CERTAIN TANGIBLE PERSONAL PROPERTY.
Section 63-602HH - PROPERTY EXEMPT FROM TAXATION — SIGNIFICANT CAPITAL INVESTMENTS.
Section 63-602II - PROPERTY EXEMPT FROM TAXATION — UNUSED INFRASTRUCTURE.
Section 63-602KK - PROPERTY EXEMPT FROM TAXATION — CERTAIN PERSONAL PROPERTY.
Section 63-602NN - PROPERTY EXEMPT FROM TAXATION — CERTAIN BUSINESS PROPERTY.
Section 63-602OO - PROPERTY EXEMPT FROM TAXATION — OIL OR GAS RELATED WELLS.
Section 63-604 - LAND ACTIVELY DEVOTED TO AGRICULTURE DEFINED.
Section 63-605 - LAND USED TO PROTECT WILDLIFE AND WILDLIFE HABITAT.
Section 63-606A - SMALL EMPLOYER GROWTH INCENTIVE EXEMPTION.