MS HB1509

Exempts eligible personal property owned and used by business enterprises solely on their premises from ad valorem taxation, with exemptions phasing in from 10% in 2017 to 100% by 2026.

Eligible personal property includes 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, and property eligible for income tax credits under Section 27-7-22.5.

Exemption percentages increase by 10% annually: 10% (2017), 20% (2018), 30% (2019), 40% (2020), 50% (2021), 60% (2022), 70% (2023), 80% (2024), 90% (2025), and 100% (2026 and thereafter).

Takes effect July 1, 2016.