Utah § 59-2-1114 - Exemption of inventory or other tangible personal property held for sale.

Full text of Utah Utah Code § 59-2-1114 — Exemption of inventory or other tangible personal property held for sale., with citation guidance and answers to common questions.

§ 59-2-1114. Exemption of inventory or other tangible personal property held for sale.

59-2-1114.  Exemption of inventory or other tangible personal property held for sale.
(1) Tangible personal property present in Utah on the assessment date, at noon, held for sale in the ordinary course of business or for shipping to a final out-of-state destination within 12 months and which constitutes the inventory of any retailer, wholesaler, distributor, processor, warehouseman, manufacturer, producer, gatherer, transporter, storage provider, farmer, or livestock raiser, is exempt from property taxation.
(2) This exemption does not apply to:
(a) inventory which is not otherwise subject to personal property taxation;
(b) mines;
(c) natural deposits; or
(d) a manufactured home or mobile home which is sited at a location where occupancy could take place.
(3) As used in this section:
(a) "Assessment date" means:
(i) for tangible personal property and vehicles other than vehicles described in Subsection (3)(a)(ii), January 1; and
(ii) for vehicles brought into Utah from out-of-state, the date the vehicles are brought into Utah.
(b) "Inventory" means all items of tangible personal property described as materials, containers, goods in process, finished goods, severed minerals, and other personal property owned by or in possession of the person claiming the exemption.
(c)
(i) "Mine" means a natural deposit of either metalliferous or nonmetalliferous valuable mineral.
(ii) "Mine" does not mean a severed mineral.
(d) "Natural deposit" means a metalliferous or nonmetalliferous mineral located at or below ground level that has not been severed or extracted from its natural state.
(e) "Severed mineral" means any mineral that has been previously severed or extracted from a natural deposit including severed or extracted minerals that:
(i) are stored above, below, or within the ground; and
(ii) are ultimately recoverable for future sale.
(4) The commission may adopt rules to implement the inventory exemption.


Amended by Chapter 324, 2010 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 59-2-1114

What does Utah Code § 59-2-1114 cover?

Section 59-2-1114 ("Exemption of inventory or other tangible personal property held for sale.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 59-2-1114?

A common citation format is "Utah Code § 59-2-1114" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 59-2-1114 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

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