MS HB1527

Establishes an income tax credit for ad valorem taxes paid on eligible personal property (furniture, fixtures, and equipment) owned and used by businesses on their premises.

Excludes motor vehicles, Class IV property, and property already covered under Section 27-7-22.5 from the credit eligibility.

Sets tiered credit limits: $10,000 maximum for 2019, $15,000 maximum for 2020, and full ad valorem tax amount for 2021 and thereafter, each capped at the income tax due attributable to that location.

Allows unused credits to be carried forward for five consecutive years and prohibits taxpayers from claiming ad valorem taxes as both a credit and a deduction.

Takes effect July 1, 2018.