MS HB1624

Exempts personal property owned and used by business enterprises on their premises from ad valorem taxation if the property has a true value of less than $100.00, effective January 1, 2018.

Defines "eligible personal property" as furniture, fixtures, and/or equipment classified as personal property for ad valorem tax purposes.

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

Effective date of the legislation is July 1, 2017.