MS HB502

Reduces the sales tax rate on private carriers of passengers and light carriers of property from 3% to 1.5% for retail sales occurring between July 1, 2010, and June 30, 2012.

Reduces the additional sales tax on private carriers of passengers and light carriers of property from 2% to 1% during the same July 1, 2010, through June 30, 2012, period.

Makes these temporary tax reductions applicable to vehicles as defined in Section 27-51-101 of Mississippi Code.

Maintains all existing sales tax rates and exemptions for other property categories, including farm equipment, manufacturing machinery, and other specified items.

Takes effect July 1, 2010, and does not affect any tax claims, assessments, or liens accrued before the effective date.