MS HB1596

Exempts eligible personal property owned and used by business enterprises solely on their premises from ad valorem taxation, with exemptions increasing annually from 2016 through 2025.

Applies a phased exemption schedule beginning at 10% in 2016 and increasing by 10% annually, reaching 100% exemption for tax year 2025 and thereafter.

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

Excludes motor vehicles, Class IV property as defined in the Mississippi Constitution of 1890, and property eligible for income tax credits under Section 27-7-22.5 from the exemption.

Effective January 1, 2015.