MS HB101

Exempts up to $20,000 of assessed value in eligible personal property from ad valorem taxes for business enterprises, effective January 1, 2019.

Eligible personal property includes only furniture, fixtures, and equipment classified as personal property for ad valorem taxation purposes.

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

Property must be owned by the business enterprise and used solely on the premises of the enterprise in its operation to qualify for the exemption.

Does not affect existing tax claims, assessments, or collection actions for taxes accrued before the act's effective date.