MS SB2515

Expands inventory eligible for ad valorem tax credits to include raw materials and works-in-process, in addition to commodities and products held for resale.

Increases the ad valorem tax credit cap to $10,000 for the 2013 taxable year, up from $5,000 for prior years.

Creates a phased-in refundable tax credit starting in 2014, increasing from 20% to 100% of ad valorem taxes paid by 2018, allowing taxpayers to claim a percentage of actual ad valorem taxes paid rather than a fixed dollar amount.

Allows taxpayers to receive a state payment for any refundable tax credit amount that exceeds their income tax liability, beginning with the 2014 taxable year.

Effective date is January 1, 2011.