MS HB1594

Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation, with exemptions phasing in from 2015 through 2024.

Exemption percentages increase annually: 10% in 2015, 20% in 2016, continuing by 10% increments each year until reaching 100% exemption in 2024 and thereafter.

Defines "eligible personal property" as furniture, fixtures, and equipment classified as personal property for ad valorem tax purposes.

Excludes from exemption: motor vehicles, Class IV property as defined in the Mississippi Constitution, and property where ad valorem taxes are claimed as an income tax credit under Section 27-7-22.5.

Takes effect January 1, 2014.