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 The Colony
 Code of Ordinances
 Chapter 8. FINANCE AND TAXATION
 Article I. IN GENERAL

  § 8-13. Taxation of tangible personal property in transit.  

Latest version.

  • (a)

    Definitions. The following terms have the same meaning as defined in V.T.C.A., Tax Code § 11.253, as amended.

    (1)

    The terms "dealer's motor vehicle inventory," "dealer's vessel and outboard motor inventory," "dealer's heavy equipment inventory," and "retail manufactured housing inventory" have the meanings assigned by V.T.C.A., Tax Code subchapter B, chapter 23, as amended.

    (2)

    The term "goods-in-transit" is defined to mean tangible personal property that:

    a.

    Is acquired in or imported into this state to be forwarded to another location in this state or outside this state;

    b.

    Is stored under a contract of bailment by a public warehouse operator at one or more public warehouse facilities in this state that are not in any way owned or controlled by the owner of the personal property for the account of the person who acquired or imported the property;

    c.

    Is transported to another location in this state or outside this state not later than 175 days after the date the person acquired the property in or imported the property into this state; and

    d.

    Does not include 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.

    (3)

    The term "location" means a physical address.

    (4)

    The term "petroleum product" means a liquid or gaseous material that is an immediate derivative of the refining of oil or natural gas.

    (5)

    The terms "bailee" and "warehouse" have the meanings assigned by V.T.C.A., Business and Commerce Code § 7.102, as amended.

    (6)

    The term "public warehouse operator" means a person that:

    a.

    Is both a bailee and a warehouse; and

    b.

    Stores under a contract of bailment, at one or more public warehouse facilities, tangible personal property that is owned by other persons solely for the account of those persons and not for the operator's account.

    (b)

    A person is not entitled to an exemption from taxation of the appraised value of that portion of the person's property that consists of goods-in-transit. A person's property consisting of goods-in-transit is hereby subject to ad valorem taxation pursuant to V.T.C.A., Tax Code § 11.253, as amended.

(Ord. No. 2011-1922, § 2, 10-18-2011)