MS SB2204

Expands inventory types eligible for ad valorem tax credits to include raw materials and works-in-process, in addition to commodities and products held for resale.

Increases tax credit cap from $5,000 to $10,000 for the 2014 taxable year, with the cap remaining at $15,000 for 2015-2018.

Implements a phased refundable tax credit beginning in 2015, starting at 20% of ad valorem taxes paid and increasing by 20 percentage points annually through 2018, reaching 100% by 2019.

Allows taxpayers to claim refundable credits that exceed their income tax liability as a state payment, requiring application to the department and verification of ad valorem tax documentation.

Prohibits taxpayers from using ad valorem taxes claimed for the credit as a state income tax deduction, effective January 1, 2012.