MS SB2995

Authorizes counties and municipalities to exempt raw materials and work-in-progress inventory from ad valorem taxation (excluding school district taxes) for manufacturers, distributors, and wholesale merchants, up to 10 years.

Ratifies any such exemptions granted before July 1, 2025, that are consistent with the new statutory language.

Allows exemptions for new enterprises and expansions to include projected annual value of raw materials and work-in-progress inventory necessary to operate at full capacity during the exemption term.

Requires applications for exemptions to include itemized listings of true value of all property, including projected annual value of raw materials and work-in-progress inventory.

Takes effect July 1, 2025.