MS SB2994

Exempts eligible personal property owned and used by business enterprises solely on their business premises from ad valorem taxation, including furniture, fixtures, and equipment classified as personal property.

Excludes motor vehicles and Class IV property as defined in the Mississippi Constitution from the new personal property exemption.

Repeals Section 27-7-22.5, which previously provided an income tax credit for ad valorem taxes paid on commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by manufacturers, distributors, and merchants.

Takes effect January 1, 2026.