MS HB787

Exempts eligible personal property owned and used by business enterprises on their premises from ad valorem taxation on a phased schedule beginning January 1, 2025.

Exemption percentages increase incrementally from 10% in 2025 to 100% in 2034 and thereafter, with 10% increases each year.

Eligible personal property includes furniture, fixtures, and equipment classified as personal property for ad valorem tax purposes.

Excludes motor vehicles, Class IV property, and property eligible for income tax credits under Section 27-7-22.5 from the exemption.

Takes effect July 1, 2024.