MS SB2934

Increases the income tax credit for ad valorem taxes paid on inventory, expanding eligible inventory to include raw materials and works-in-process.

Raises credit limits starting in 2014: $10,000 for 2014, $15,000 for 2015, and beginning in 2016 allows credit up to the full amount of ad valorem taxes paid (capped at state income taxes owed).

Permits unused tax credits to be carried forward for five consecutive years from the close of the tax year in which the credit was earned.

Extends the $5,000 credit cap through 2013, after which the increased amounts apply.

Allows credits for manufacturers, distributors, wholesale and retail merchants at each location where qualifying inventory is held.