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MS HB1034

Bill

Official Source

Status

Failed

3/27/2024

Primary Sponsor

Larry Byrd

Click for details

Origin

House of Representatives

2024 Regular Session

AI Summary

  • Exempts personal property owned by business enterprises (corporations, LLCs, partnerships, sole proprietorships) from all ad valorem taxes if the property has a true value of $25.00 or less.
  • Applies only to furniture, fixtures, and equipment that is classified as personal property and used solely on the business premises in operation of the enterprise.
  • Excludes motor vehicles, Class IV property as defined in the Mississippi Constitution, and property eligible for ad valorem tax credits under Section 27-7-22.5.
  • Effective date is January 1, 2025.

Legislative Description

Ad valorem tax; exempt certain business personal property from.

Last Action

Died In Committee

3/27/2024

Committee Referrals

Ways and Means2/7/2024

Full Bill Text

No bill text available