MS HB536

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

Expands inventory types covered by the credit to include raw materials and works-in-process, in addition to existing commodities, products, goods, wares and merchandise.

Establishes a graduated increase in maximum tax credit amounts: $10,000 for 2014, $15,000 for 2015, and beginning in 2016 the lesser of actual ad valorem taxes paid or income taxes due the State.

Limits the credit to the amount of state income taxes attributable to each location where the inventory is held and taxed.

Effective January 1, 2012.