MS SB2943

Amends Mississippi Code Section 27-31-1 to add a new exemption from ad valorem taxation for all heavy-duty rental equipment.

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

Exemption applies only to equipment held for short-term rental under agreements with no specific term, at-will agreements, 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: January 1, 2014.