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MS SB2644

Bill

Official Source

Status

Failed

2/25/2015

Primary Sponsor

Chris McDaniel

Click for details

Origin

Senate

2015 Regular Session

AI Summary

  • Phases in ad valorem tax exemption for commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by manufacturers, distributors, wholesale and retail merchants from 2016-2019
  • 2016: 20% exemption; 2017: 40% exemption; 2018: 60% exemption; 2019: 80% exemption of assessed property value
  • Beginning January 1, 2020, inventory held for resale becomes fully exempt (100%) from ad valorem tax
  • Repeals Section 27-7-22.5, which previously authorized income tax credits for ad valorem taxes paid on qualifying inventory
  • Effective January 1, 2016

Legislative Description

Inventory; phase in an ad valorem tax exemption for.

Last Action

Died In Committee

2/25/2015

Committee Referrals

Finance1/19/2015

Full Bill Text

No bill text available