MS HB445

Exempts all commodities, products, goods, wares and merchandise held for resale by manufacturers, distributors, and wholesale or retail merchants from ad valorem taxation effective January 1, 2011.

Preserves all existing ad valorem tax claims, assessments, appeals, and suits for taxes that accrued before the effective date of this act.

Maintains the authority to assess, collect, and enforce liens for any taxes due before January 1, 2011, and to impose penalties for non-compliance with prior tax laws.