MS HB168

Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation, with exemptions phasing in from 2020 through 2029.

Exemption percentages increase annually: 10% in 2020, 20% in 2021, increasing by 10% each year until reaching 100% exemption in 2029 and thereafter.

Eligible personal property includes furniture, fixtures, and equipment classified as personal property, but excludes motor vehicles, Class IV property, and property eligible for income tax credits under Section 27-7-22.5.

Does not affect or defeat any tax claims, assessments, or liens accrued before the act's effective date of July 1, 2019.