MS HB826

Exempts business personal property from ad valorem taxes on up to $20,000 of assessed value, effective January 1, 2023

Applies to furniture, fixtures, and equipment owned by a business and used solely on the business premises in its operations

Excludes motor vehicles, Class IV property (public utilities), and property eligible for income tax credits under Section 27-7-22.5

Effective date of July 1, 2022 for the act, with the tax exemption beginning January 1, 2023