MS HB1578

Expands ad valorem tax credit eligibility to include raw materials and works-in-process inventory, in addition to commodities and finished goods held for resale.

Increases the maximum tax credit cap from $5,000 to $10,000 for the 2011 taxable year.

Beginning in 2012, implements a phased approach allowing taxpayers to claim a percentage of ad valorem taxes paid as a refundable credit, increasing from 20% in 2012 to 100% in 2016 and thereafter.

Allows eligible taxpayers to receive state payments for any refundable tax credit amount that exceeds their income tax liability, contingent on verification of ad valorem tax payments.

Effective January 1, 2010.