It's a permit number issued by your State Tax Commissioner to allow you to buy goods tax free for resale. Check with your state Tax Commissioner. If you're issued the number, you'll be required to file monthly reports on the amount purchased tax exempt, etc. Included in the monthly report will be a requirement to itemize items purchased tax free and converted to your own use, along with a check for the appropriate sales tax for those items.
It gets sticky in situations like ours, when we might purchase parts tax exempt for a particular project tractor or piece of equipment intending to resell it, and then decide to keep it ourselves instead of reselling it. You'd be expected to report those parts on your next monthly report.
Like I said above, contact your state Tax Commissioner for exact details. It varies from state to state.
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