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MS SB2927

Bill

Official Source

Status

Failed

2/22/2023

Primary Sponsor

Melanie Sojourner

Click for details

Origin

Senate

2023 Regular Session

AI Summary

  • Phases in an exemption from ad valorem taxes on inventory held for resale by manufacturers, distributors, wholesalers, and retail merchants over four years: 20% exemption in 2024, 40% in 2025, 60% in 2026, and 80% in 2027.
  • Starting January 1, 2028, inventory held for resale becomes fully exempt from ad valorem taxes.
  • Repeals Section 27-7-22.5, which previously authorized an income tax credit for ad valorem taxes paid on inventory.
  • Effective January 1, 2024.

Legislative Description

Inventory; phase in an ad valorem tax exemption for.

Last Action

Died In Committee

2/22/2023

Committee Referrals

Finance1/27/2023

Full Bill Text

No bill text available