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MS SB2006

Bill

Official Source

Status

Failed

2/27/2019

Primary Sponsor

Kevin Blackwell

Click for details

Origin

Senate

2019 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 by small businesses: 20% exemption in 2020, 40% in 2021, 60% in 2022, 80% in 2023, and 100% full exemption beginning January 1, 2024
  • Preserves all existing tax claims, assessments, appeals, and liens for taxes accrued before the act's effective date or before each exemption increase takes effect
  • Takes effect July 1, 2019

Legislative Description

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

Last Action

Died In Committee

2/27/2019

Committee Referrals

Finance1/8/2019

Full Bill Text

No bill text available