MS HB167

Exempts eligible personal property owned and used by business enterprises solely on their premises from ad valorem taxes on up to $20,000 of assessed value, effective January 1, 2020.

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 the Mississippi Constitution, and property eligible for ad valorem tax credits under Section 27-7-22.5.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens for taxes due or accrued before the act's effective date.

Takes effect July 1, 2019.