MS HB129

Provides a partial ad valorem tax exemption for eligible personal property owned and used by business enterprises on their premises, effective January 1, 2022.

Exempts up to $20,000 of assessed value per business on furniture, fixtures, and equipment classified as personal property for tax purposes.

Excludes motor vehicles, Class IV property as defined in the Mississippi Constitution, and property eligible for ad valorem tax income tax credits from the exemption.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens for taxes accrued before the exemption takes effect.

Bill becomes effective July 1, 2021.