MS HB136

Exempts all commodities, raw materials, works-in-process, products, goods, wares, and merchandise held for resale from ad valorem (property) taxation effective January 1, 2016

Applies to inventory held by manufacturers, distributors, and wholesale or retail merchants

Preserves all existing tax claims, assessments, appeals, and enforcement actions for taxes due or accrued before the effective date

Continues full enforcement authority for collecting any ad valorem taxes owed prior to the exemption taking effect

Takes effect July 1, 2015, with the tax exemption beginning January 1, 2016