Get TX Comptroller 50-266 2012

Dealer Heavy Equipment Inventory- All items of heavy equipment that a dealer holds for resale. ... Heavy Equipment Tax (HET) is a state tax collected by the county where the sale occurs or from where the good are sent.

The Texas Comptroller has issued a reminder that the Texas Emissions Reduction Plan (TERP) sales tax surcharge imposed on the sale, lease, rental, use, or storage of new or used off-road, heavy-duty diesel equipment, other than implements of husbandry used solely for agricultural purposes, is reduced from 2% to 1.5% of ...

Texas Emissions Reduction Plan (TERP) The TERP program provides financial incentives to eligible individuals, businesses, or local governments to reduce emissions from polluting vehicles and equipment.

Fuel Surcharges It should not be stated or implied by invoice or any other means that this charge is imposed by the State of Texas. A fuel surcharge may be subject to Texas sales and use tax. Fuel surcharges are taxed or exempted in the same manner as charges for transportation or delivery.

The Texas state sales and use tax rate is 6.25 percent, but local taxing jurisdictions (cities, counties, special-purpose districts and transit authorities) also may impose sales and use tax up to 2 percent for a total maximum combined rate of 8.25 percent.

The answer is pretty simple. Texas dyed diesel is cheaper because it is not subject to state and federal excise taxes . Regular diesel sold for vehicles used on public roads has state and federal taxes.

Texas levies an inventory tax of .02% on the retail value of all products in a company's inventory each year, but lots of car dealerships try to sneak the fee over to the consumer.

Tips Reduce Texas Inventory Tax. The state of Texas derives a large share of revenue from taxing business inventory at 100% of value. ... However, your original cost of inventory is unitized according to GAAP.

Business personal property accounts for 9.8 percent of the total market value of all property in the state, and 10.5 percent of all school taxable property in the state.

The Freeport Exemption is a business personal property tax exemption on inventory that is in Texas for a short period of time (175 days or less) and will be transported outside of the State of Texas. In 1989, Texas voters approved a constitutional amendment to exempt these Freeport goods from property taxes.

Discounts, Penalties, Interest and Refunds Permitted sales taxpayers can claim a discount of 0.5 percent of the amount of tax timely reported and paid. Sales taxpayers who prepay can claim 0.5 percent for timely filing and paying, plus 1.25 percent for prepaying.

Discounts-Percent and Dollar Because discounts are generally offered directly by the retailer and reduce the amount of the sales price and the cash received by the retailer, the sales tax applies to the price after the discount is applied.

In other words, if you reduce the amount of a sale by either a percentage or a whole dollar discount, you should only charge sales tax on the actual selling price. For example, if you offer a 10 percent discount off a $100 shirt and the buyer pays $90 for it, you should charge sales tax on the $90 sale.

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Generally, store-issued coupons technically function as discounts to consumers, resulting in a reduction of sales tax owed to the state where the coupon is redeemed. When a store-issued coupon is redeemed, the sales tax is based on the discounted price the cost of the item after the coupon is applied.