MS HB482

Authorizes county boards of supervisors and municipal governing authorities to exempt inventory from ad valorem taxation at their discretion.

Requires governing authorities seeking to exempt inventory to adopt a resolution declaring all otherwise taxable inventory exempt from ad valorem taxation.

Requires governing authorities to provide a copy of the exemption resolution to the Department of Revenue.

Defines "inventory" as all commodities, products, goods, wares and merchandise held for resale by manufacturers, distributors, wholesale or retail merchants.

Effective date: January 1, 2012.