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MS SB2026
Bill
Status
Failed
2/22/2023
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
- Creates a phased ad valorem tax exemption on inventory held for resale by small businesses, beginning at 20% in 2024 and increasing by 20% each year
- Reaches full 100% exemption on January 1, 2028 for all eligible small business inventory
- Preserves all existing tax claims, assessments, and liens that accrued before the exemption takes effect or before each phase-in increase
- Becomes effective July 1, 2023
Legislative Description
Ad valorem tax on inventory; phase in exemption for certain small businesses.
Last Action
Died In Committee
2/22/2023
Committee Referrals
Finance1/9/2023
Full Bill Text
No bill text available