MS HB1627

Exempts eligible personal property owned and used by business enterprises solely on their premises from ad valorem taxation, phased in over ten years starting January 1, 2018.

Exemption percentages increase annually from 10% in 2018 to 100% in 2027 and thereafter (increasing 10% per year).

Eligible personal property includes furniture, fixtures, and equipment classified as personal property, but excludes motor vehicles, Class IV property, and property used for income tax credits.

Prior tax claims, assessments, and liens remain enforceable for taxes due before the law's effective date.

Effective July 1, 2017.