MS SB3027

Increases income tax credit for ad valorem taxes paid on inventory, including raw materials and works-in-process, for manufacturers, distributors, and merchants.

For 2012, establishes a maximum credit of $10,000 per location; for 2013-2016, allows taxpayers to claim either a $15,000 credit or a percentage-based refundable credit (20%-80%) of ad valorem taxes paid, whichever is greater.

Beginning in 2017, allows taxpayers a fully refundable tax credit equal to 100% of all ad valorem taxes paid on inventory.

Permits taxpayers to receive a state payment for any refundable tax credit amount exceeding their income tax liability, subject to verification of ad valorem tax payments.

Takes effect January 1, 2010.