MS HB150

Exempts up to $20,000 of assessed value in eligible personal property from ad valorem taxes for business enterprises, effective January 1, 2016.

Eligible personal property includes furniture, fixtures, and equipment classified as personal property that is owned and used by a business solely on its premises.

Excludes motor vehicles, Class IV property as defined in the Mississippi Constitution, and property qualifying for income tax credits under Section 27-7-22.5.

Does not affect tax claims, assessments, appeals, or liens for taxes accrued before the effective date, and continues enforcement of existing ad valorem tax laws.