MS SB2318

Authorizes county boards of supervisors and municipal authorities to exempt raw materials and work-in-progress inventory from ad valorem taxation (except school district taxes) for manufacturers, distributors, and wholesale merchants for up to 10 years.

Ratifies any exemptions granted under these provisions before July 1, 2024 that are consistent with the bill's requirements.

Extends exemption eligibility under the new enterprise exemption program to include projected annual value of raw materials and work-in-progress inventory necessary to operate at full capacity during the exemption term.

Applies the same exemption provisions to additions, expansions, and equipment replacements for existing manufacturing and public utility enterprises.

Takes effect July 1, 2024, with certain provisions applying through June 30, 2025, after which the law is amended to remove references to health care industry facilities and restructure the list of eligible enterprise types.