Which of the following items is not eligible for Freeport exemptions?

The correct choice is spare parts, as they typically do not qualify for Freeport exemptions. Freeport exemptions are designed to provide tax relief on certain types of inventory that are in transit or held for sale within a specific time frame. The main focus is on items that are intended for resale or manufacturing and are not yet part of the local economy.

Inventory held for sale, raw materials, and finished goods are specifically included since they represent goods that are either destined for sale, transformation into a final product, or are already completed and available for sale. In contrast, spare parts are often considered tools or accessories used to service existing equipment rather than items intended for resale or as part of manufacturing processes, placing them outside the scope of Freeport exemptions.