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MS SB2080

Bill

Official Source

Status

Failed

2/21/2018

Primary Sponsor

Kevin Blackwell

Click for details

Origin

Senate

2018 Regular Session

AI Summary

  • Defines "small business" as any commercial enterprise with annual net revenue less than $2,000,000
  • Phases in ad valorem tax exemption on inventory held for resale: 20% exemption in 2019, 40% in 2020, 60% in 2021, 80% in 2022, and 100% exemption beginning January 1, 2023
  • Preserves all existing ad valorem tax claims, assessments, and collection efforts for taxes accrued before the exemption takes effect or increases
  • Takes effect July 1, 2018

Legislative Description

Ad valorem tax on inventory tax; phase in exemption for certain small businesses.

Last Action

Died In Committee

2/21/2018

Committee Referrals

Finance1/4/2018

Full Bill Text

No bill text available