MS HB827

Exempts business-owned furniture, fixtures, and equipment used solely on business premises from ad valorem (property) taxation, phased in over 10 years starting January 1, 2023

Phase-in schedule increases exemption by 10% annually: 10% in 2023, 20% in 2024, continuing until 100% exemption is reached in 2032 and thereafter

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

Applies only to personal property classified as furniture, fixtures, and equipment for ad valorem tax purposes

Effective date of July 1, 2022