MS SB2932

Defines "small business" as any commercial enterprise with annual net revenue less than $2,000,000

Phases in ad valorem tax exemption on inventory held for resale by small businesses: 20% exemption in 2018, 40% in 2019, 60% in 2020, 80% in 2021, and 100% exemption from January 1, 2022 forward

Does not affect or invalidate any tax claims, assessments, appeals, or liens that accrued before the act's effective date or before each phase-in increase takes effect

Effective July 1, 2017