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MS HB1448

Bill

Official Source

Status

Failed

2/27/2019

Primary Sponsor

Lester Carpenter

Click for details

Origin

House of Representatives

2019 Regular Session

AI Summary

  • Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation, with exemptions phasing in from 2020 through 2024
  • 2020: 20% exemption; 2021: 40%; 2022: 60%; 2023: 80%; 2024 and thereafter: 100% exemption of assessed value
  • Defines eligible personal property as furniture, fixtures, and equipment classified as personal property for ad valorem tax purposes
  • Excludes motor vehicles, Class IV property as defined in Mississippi Constitution, and property eligible for income tax credits under Section 27-7-22.5
  • Takes effect July 1, 2019

Legislative Description

Ad valorem tax; exempt certain business personal property from.

Last Action

Died In Committee

2/27/2019

Committee Referrals

Ways and Means1/21/2019

Full Bill Text

No bill text available