MS HB115

Exempts eligible personal property owned and used by business enterprises solely on their premises from ad valorem taxation, with a phased implementation beginning January 1, 2019.

Increases exemption percentages annually: 20% in 2019, 40% in 2020, 60% in 2021, 80% in 2022, and 100% from 2023 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, 2018.