2005 Idaho Code - 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

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 6
                           EXEMPTIONS FROM TAXATION
    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.