MS HB916

Exempts from ad valorem taxation all commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by manufacturers, distributors, wholesale merchants, and retail merchants, effective January 1, 2017.

Preserves all existing ad valorem tax claims, assessments, appeals, and collection actions for taxes accrued before the exemption takes effect.

Continues enforcement of ad valorem tax laws for assessment and collection of taxes owed prior to the effective date and for imposing penalties related to non-compliance.

Takes effect July 1, 2016.