MS HB1517

Increases the income tax credit for manufacturers, distributors, and wholesale or retail merchants who pay ad valorem taxes on inventory held for resale.

Raises the maximum annual tax credit from $5,000 to $10,000 per location for taxable years 2013 and thereafter.

Credit remains capped at the lesser of the maximum amount or the actual income taxes due to Mississippi attributable to each location.

Credit must be claimed in the year ad valorem taxes are paid and can be claimed for each separate location where inventory is subject to taxation.

Effective July 1, 2012.