MS HB1241

Provides a partial ad valorem tax exemption for eligible personal property owned and used by business enterprises on their premises, effective January 1, 2021.

Exempts up to $20,000 of assessed value for 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 income tax credits under Section 27-7-22.5 from the exemption.

Does not affect any ad valorem tax claims, assessments, appeals, or liens that accrued before the exemption's effective date.

Takes effect July 1, 2020.