MS HB659

Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation through a phased implementation beginning January 1, 2021.

Increases exemption percentage annually from 10% in 2021 to 100% in 2030 and thereafter, rising by 10 percentage points each year.

Defines eligible personal property as furniture, fixtures, and equipment classified as personal property for ad valorem taxation 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.

Takes effect July 1, 2020, while preserving all existing tax claims and assessments accrued before the effective date.