MS HB1524

Exempts inventory held for resale by manufacturers, distributors, wholesale and retail merchants from ad valorem taxation through a phased approach beginning January 1, 2013.

Implements 10-year phase-in with exemption percentages increasing annually: 10% (2013), 20% (2014), 30% (2015), continuing through 90% (2021) and 100% (2022 and thereafter).

Defines "inventory" as all commodities, products, goods, wares and merchandise held for resale.

Preserves all existing ad valorem tax claims, assessments, appeals and liens accrued before the act's effective date.

Takes effect July 1, 2012.