MS HB1564

Amends Mississippi Code Section 27-31-1 to add a new tax exemption category (ll) for heavy-duty rental equipment.

Defines "heavy-duty rental equipment" as self-propelled commercial or motor vehicles weighing 5,000 pounds or more, primarily designed and used off-road for construction, industrial, maritime, forestry, well-drilling, oilfield services, earthmoving, or mining purposes.

Exempts equipment held for short-term rental to the public under agreements with no specific term, at-will arrangements, or rental terms ordinarily less than 365 days.

Equipment must not be subject to privilege taxes under Chapter 19, Title 27 of the Mississippi Code to qualify for the exemption.

Effective date is January 1, 2014.