MS HB1741

Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation through a phased approach beginning January 1, 2018.

Phases in the exemption incrementally: 20% exempt in 2018, 40% in 2019, 60% in 2020, 80% in 2021, and 100% exempt from 2022 onward.

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

Excludes motor vehicles, Class IV property, and property eligible for income tax credits under Section 27-7-22.5 from the exemption.

Takes effect July 1, 2017.