MS HB290

Exempts eligible business personal property (furniture, fixtures, equipment) from ad valorem taxation on a phased schedule beginning January 1, 2019, with exemption percentages increasing 10% annually from 10% in 2019 to 100% in 2028 and thereafter.

Defines eligible personal property as furniture, fixtures, and equipment classified as personal property for ad valorem tax purposes, excluding motor vehicles, Class IV property, and property eligible for income tax credits under Section 27-7-22.5.

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

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

Effective July 1, 2018.