MS HB1495

Clarifies that the income tax credit for ad valorem taxes paid on inventory equals the actual amount of ad valorem taxes paid, starting in tax year 2016.

Limits the annual use of the tax credit to not exceed the amount of income taxes due Mississippi attributable to the location where the inventory is found.

Allows unused tax credits to be carried forward for five consecutive years from the close of the tax year in which the credit was earned.

Establishes graduated maximum credit limits for earlier tax years: $2,000 (1994), $3,000 (1995), $4,000 (1996), $5,000 (1997-2013), $10,000 (2014), and $15,000 (2015).

Prohibits taxpayers from claiming ad valorem taxes used for the tax credit as a state income tax deduction.