MS HB127

Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation, beginning January 1, 2022, with a phased-in approach increasing 10% per year.

By 2031, eligible personal property will be 100% exempt from ad valorem taxation; prior years range from 10% exemption (2022) to 90% exemption (2030).

Defines eligible personal property as furniture, fixtures, and equipment classified as personal property, excluding motor vehicles, Class IV property, and property eligible for income tax credits.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens for taxes due before the act's effective date of July 1, 2021.