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MS SB2133
Bill
AI Summary
- Defines "small business" as any commercial enterprise with annual net revenue less than $2,000,000
- Phases in ad valorem tax exemptions on inventory held for resale by small businesses, starting at 20% in 2021 and increasing by 20% annually
- Reaches full 100% exemption on inventory for qualifying small businesses beginning January 1, 2025
- Does not affect tax assessments, claims, or liens for taxes accrued before the exemption becomes effective or before each phase-in increase takes effect
- Takes effect July 1, 2020
Legislative Description
Ad valorem tax on inventory; phase in exemption for certain small businesses.
Last Action
Died In Committee
6/3/2020
Committee Referrals
Finance1/23/2020
Full Bill Text
No bill text available