MS SB2029

Extends the motor vehicle ad valorem tax credit to motorcycle owners, allowing them to receive the same credit against ad valorem taxes that private carriers of passengers and light carriers of property currently receive, effective July 1, 2012

Reduces the sales tax rate on motorcycles that can be legally operated on public highways from 7% to 5%, applying only to motorcycles subject to the road and bridge privilege tax

Directs sales and use tax revenue collected from motorcycle sales to be deposited into the Motor Vehicle Ad Valorem Tax Reduction Fund after required diversions, mirroring the treatment of other eligible motor vehicles

Requires the Department of Revenue to calculate motorcycle tax credits proportionally to assessed value, alongside private carriers of passengers and light carriers of property, when determining annual credit amounts

Amends multiple sections of Mississippi Code (27-51-101 through 27-51-107, 27-65-17, 27-65-75, and 27-67-31) to implement these changes with an effective date of July 1, 2012