MS HB1572

Amends Mississippi Code Section 27-7-22.5 to expand the ad valorem tax credit to include raw materials and works-in-process inventory alongside existing covered commodities.

Increases the maximum tax credit from $5,000 to $10,000 for the 2011 taxable year, then creates a phased-in refundable credit system starting in 2012 at 20% of ad valorem taxes paid, increasing by 20% annually.

Beginning in 2016, allows taxpayers a fully refundable credit equal to 100% of ad valorem taxes paid on inventory for resale to any state or local taxing authority.

Permits eligible taxpayers to receive state payments for the amount by which the refundable tax credit exceeds their income tax liability, requiring submission of verifiable documentation of ad valorem taxes paid.

Prevents taxpayers from deducting ad valorem taxes used for this credit as a state income tax deduction; takes effect January 1, 2010.