MS SB3176

Imposes an additional 3% tax on gross proceeds from equipment rental businesses with rental terms of 365 days or less, in addition to existing sales tax.

Requires the Department of Revenue to distribute collected tax proceeds to counties by February 15 each year, which then distribute to counties, municipalities, and school districts based on the situs of rental transactions using the same proportions as ad valorem taxes.

Exempts rental equipment from ad valorem taxation for equipment under rental agreements of 365 days or less.

Allows counties, municipalities, and school districts to use tax revenues for any lawful purposes and includes revenues in growth limitations on ad valorem taxes.

Takes effect July 1, 2010.