Form 50 266 2012-2025

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The document is a Dealer's Heavy Equipment Inventory Tax Statement (Form 50-266) that must be filed by heavy equipment dealers in accordance with Texas Tax Code §23.1242. It outlines the requirements for reporting sales, leases, and rentals of heavy equipment, including deadlines for submission, penalties for late filing, and necessary information about each transaction. The form requires details about the dealer and owner, business location, and specific transactions during the reporting month.

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Click ‘Get Form’ to open it in the editor.
Begin by filling out Section 1, providing the dealer's name, owner's name, mailing address, and phone number. Ensure all information is accurate to avoid penalties.
In Section 2, enter the business name and physical address for which you are filing. If available, include the appraisal district account number.
Proceed to Section 3 where you will detail each sale, lease, or rental of heavy equipment during the reporting month. Fill in the required fields such as item description, date of transaction, identification number, and purchaser's details.
Complete Section 4 by summarizing total sales, leases, and rentals for the month. Input the number of units sold and their corresponding transaction amounts.
Finally, sign and date the statement in Section 5 on the last page to validate your submission.

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Versions	Form popularity	Fillable & printable
2020	4.9 Satisfied (24 Votes)
2017	4.3 Satisfied (88 Votes)
2012	4.4 Satisfied (56 Votes)

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Who pays inventory tax?

Inventory tax is a taxpayer active tax. That the taxpayer (business owner) must calculate it. Business owners can count and value unsold inventory based on one of the three accepted valuation methods: cost, retail, or lower of cost or retail.

What is special inventory tax in Texas?

Texas law provides for the special appraisal of dealers inventory including heavy equipment, motor vehicles, vessels and outboard motors and manufactured housing retailers. Special inventory appraisal is generally based on sales.

Do you have to pay inventory tax in Texas?

Texas taxes business personal property, which a number of states generally exempt. Almost all states exempt a key component of business personal propertyinventories. Texas does not.

How to calculate inventory tax?

Once you have the ending inventory value, you would multiply it by the applicable tax rate to get your inventory tax figure. For instance, in a state with a rate of 0.48%, youd owe $864.00. The best method of calculation is determined by your business practices.

Who pays VIT in Texas?

The VIT is a property tax assessed on the dealer, not the purchaser, and is a negotiable item on the sales agreement. Moreover, the VIT is not, by statute, a part of total consideration. Dealers may, however, separately list a reimbursement of the VIT on the sales agreement.

What is the heavy equipment tax in Texas?

Heavy Equipment Tax (HET) is a state tax collected by the county where the sale occurs or from where the good are sent. Each county has a different rate. HET only has three exemptions: 1. Equipment sold to another dealer.

Form 50 266 2012-2025

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