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MS HB947

Bill

Official Source

Status

Failed

2/25/2026

Primary Sponsor

Larry Byrd

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Exempts business personal property from ad valorem (property) taxes when the item's true value is $25.00 or less
  • Applies to furniture, fixtures, and equipment used solely on business premises by corporations, LLCs, partnerships, or sole proprietorships
  • Excludes motor vehicles, Class IV property (public utilities), and property eligible for income tax credits under Section 27-7-22.5
  • Takes effect July 1, 2026, with the exemption applying to property assessed from January 1, 2027 onward

Legislative Description

Ad valorem tax; exempt certain business personal property from.

Last Action

Died In Committee

2/25/2026

Committee Referrals

Ways and Means1/16/2026

Full Bill Text

No bill text available