MS HB481

Exempts all commodities, products, goods, wares, and merchandise held for resale by manufacturers, distributors, wholesale or retail merchants from ad valorem (property) taxation

Phases in the exemption gradually: 25% exempt in 2013, 50% in 2014, 75% in 2015, and 100% exempt beginning in 2016 and thereafter

Defines "inventory" as all items held for resale by manufacturers, distributors, and wholesale or retail merchants

Preserves all existing tax claims, assessments, appeals, and collection rights for taxes due before the act takes effect

Takes effect July 1, 2012