MS HB785

Provides a partial ad valorem tax exemption for eligible personal property owned and used by business enterprises on their premises, effective January 1, 2025.

Exempts up to $20,000 of assessed value per business enterprise from all ad valorem taxes.

Defines eligible personal property as furniture, fixtures, and/or equipment classified as personal property for ad valorem tax purposes.

Excludes motor vehicles, Class IV property as defined in the Mississippi Constitution, and property eligible for income tax credits under Section 27-7-22.5.