MS HB295

Provides a partial ad valorem tax exemption for eligible personal property owned and used by business enterprises on their premises, effective January 1, 2017.

Exempts up to $20,000 of assessed value of furniture, fixtures, and equipment classified as personal property for ad valorem taxation purposes.

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

Does not affect any tax claims, assessments, appeals, or suits for taxes due before the act's effective date; existing ad valorem tax laws remain in full force for prior obligations.

Takes effect July 1, 2016.