MS HB262

Exempts all commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by manufacturers, distributors, wholesale and retail merchants from ad valorem taxation effective January 1, 2015.

Does not affect or invalidate any ad valorem tax claims, assessments, appeals, or lawsuits for taxes accrued before the exemption takes effect.

Continues application of existing ad valorem tax laws for collection of taxes due, enrollment of tax liens, and imposition of penalties for non-compliance with respect to taxes accrued before the effective date.

Takes effect July 1, 2014.