MS HB356

Exempts eligible personal property owned and used by business enterprises 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 subject to income tax credits under Section 27-7-22.5 from the exemption.

Does not affect tax claims, assessments, appeals, or liens for taxes accrued before the act becomes effective on July 1, 2016.