MS SB3163

Exempts from ad valorem (property) taxation the entire assessed value of inventory held for resale by manufacturers, distributors, and wholesale/retail merchants, with value determined by physical count or book value at the taxpayer's option

Exempts from ad valorem taxation business-owned furniture, fixtures, and equipment used solely on business premises, excluding motor vehicles and Class IV property (public utilities)

Requires the Legislature to reimburse counties, municipalities, and school districts for revenue lost due to the inventory tax elimination through annual appropriations

Mandates tax assessors continue assessing exempt property values and certify lost revenue amounts to the Department of Revenue, which must report compiled data to the Legislature by November 1 each year

Takes effect January 1, 2027