Fillable Form Pt-50pf - Application For Freeport Inventory Exemption printable pdf download

PT50PF Freeport Level 1 & 2 (revised 1/18/2017)

TAX YEAR

IF ASSISTANCE NEEDED CALL

ACCOUNT NUMBER

APPLICATION FOR FREEPORT

INVENTORY EXEMPTION

DUE DATE

MAP AND PARCEL I.D. NO

NAICS NO.

RETURN COMPLETED FORM TO ADDRESS LISTED BELOW

COUNTY NAME AND RETURN ADDRESS

TAXPAYER NAME AND ADDRESS

BUSINESS PHYSICAL LOCATION

The last day for filing this application to receive full

exemption is shown in the DUE DATE box above.

IF NAME OR MAILING ADDRESS IS INCORRECT, PROVIDE CORRECT DATA BELOW

If filing after the DUE DATE, a reduced exemption amount

NAME:

may be applicable as follows: if filed April 2‐ April 30 (66.67%

of the full exemption), if filed May 1‐ May 31 (58.33%), if filed

ADDRESS:

on June 1 (50%). Failure to file by June 1 shall constitute a

waiver of the entire exemption for the year (0.0%)

CITY, STATE, ZIP:

1. Describe the type of business:

2. Inventory must be reported at its full cost at level of trade which includes freight, burden, overhead, and other charges as of January 1.

3. Inventory values and associated exemption amounts must be adjusted to January 1, in accordance with the provisions of Georgia Code 48‐5‐10.

4. List the method of inventory valuation used:

. List the method of inventory cost identification:

5. SUMMATION OF INVENTORY: (Values should be reported at 100% full cost of inventory held on January 1 of taxable year)

INVENTORY NOT ELIGIBLE FOR FREEPORT LEVEL ‘1’

a. Finished goods held longer than 12 months

b. Packaging materials (plastic trays, cellophane, caddies, cartons, cases, tapes, labels, liners)

c. Other expensed supplies (i.e. gasoline, office supplies, etc)

d. Spare parts inventory

INVENTORY ELIGIBLE FOR FREEPORT LEVEL ‘1’

e. Enter the ‘Full Value’ for each category below and enter the combined ‘Full Value’ for all categories here:

Category 1 – Raw materials and Goods in Process of a manufacturer

______________________ X* __________

= ___________________________

Full Value Category 1 Exemption % Exemption Amount

Category 2 – Finished Goods manufactured in Georgia held by manufacturer less than 12 months

______________________ X* __________

= ___________________________

Full Value Category 2 Exemption % Exemption Amount

Line 5e ‐ Category 3 – Finished Goods of Distributor held less than 12 months destined for out‐of‐state shipment

______________________ X* __________

= ___________________________

Full Value from Page 2, Line 6(e) Exemption % Exemption Amount

Category 4 – Finished Goods of Fulfillment Center held less than 12 months

______________________ X* __________

= ___________________________

Full Value Category 4 Exemption % Exemption Amount

f. Total Freeport Level ‘1’ Exemption Amount (apply the appropriate Level 1 exemption percentage above and

enter the combined exemption amount for all categories on this line.

INVENTORY ELIGIBLE FOR FREEPORT LEVEL ‘2’

g. Enter total cost of all merchandise held as inventory (exclude amounts entered on Lines ‘5b’, ‘5c’, ‘5d’, and ‘5e’)

h. Total Freeport Level ‘2’ Exemption (multiply Line ‘g’ by exemption % set by county resolution for Level 2 Freeport)

FREEPORT LEVEL ‘1’ and ‘2’ Combined exemption

i. Total Freeport ‘1’ & ‘2’ Exemption (add Lines ‘5f’ and ‘5h’ and enter amount here and on PT50P, Page 1, Line P)

1 | P a g e

Form Pt-50pf - Application For Freeport Inventory Exemption

Related Articles

Related forms

Related Categories