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MS SB2323

Bill

Official Source

Status

Failed

3/27/2024

Primary Sponsor

Kevin Blackwell

Click for details

Origin

Senate

2024 Regular Session

AI Summary

  • Defines "small business" as any commercial enterprise with annual net revenue less than $2,000,000
  • Phases in ad valorem tax exemptions on inventory held for resale by small businesses: 20% (2025), 40% (2026), 60% (2027), 80% (2028), and 100% (2029 and after)
  • Does not affect tax assessments, appeals, liens, or collection actions for taxes accrued before the exemption effective dates
  • Takes effect July 1, 2024

Legislative Description

Ad valorem tax on inventory; phase in exemption for certain small businesses.

Last Action

Died In Committee

3/27/2024

Committee Referrals

Finance2/7/2024

Full Bill Text

No bill text available