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MS SB2046
Bill
Status
Failed
2/24/2021
Primary Sponsor
Kevin Blackwell
Click for details
AI Summary
- Defines "small business" as any commercial enterprise with annual net revenue less than $2,000,000
- Phases in ad valorem tax exemption on inventory held for resale by small businesses: 20% exemption in 2022, 40% in 2023, 60% in 2024, 80% in 2025, and 100% exemption beginning January 1, 2026
- Preserves all existing tax claims, assessments, appeals, and liens for taxes accrued before the act takes effect or before each exemption increase becomes effective
- Takes effect July 1, 2021
Legislative Description
Ad valorem tax on inventory; phase in exemption for certain small businesses.
Last Action
Died In Committee
2/24/2021
Committee Referrals
Finance1/5/2021
Full Bill Text
No bill text available