MS SB2346

Expands income tax credit for manufacturers, distributors, and merchants who pay ad valorem taxes on inventory to include raw materials and works-in-process (previously only finished products).

Increases maximum annual tax credit per location from $5,000 to $10,000 for the 2014 taxable year and to $15,000 for the 2015 taxable year.

Maintains $5,000 maximum credit cap for taxable years 1997 through 2013.

Prohibits taxpayers from using ad valorem taxes applied toward this credit as a state income tax deduction.

Takes effect January 1, 2012.