Bill Text: MS HB663 | 2023 | Regular Session | Introduced
Bill Title: Ad valorem taxation; provide partial exemption for certain business personal property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2023-02-22 - Died In Committee [HB663 Detail]
Download: Mississippi-2023-HB663-Introduced.html
MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Ways and Means
By: Representative Horne
House Bill 663
AN ACT TO PROVIDE A PARTIAL AD VALOREM TAX EXEMPTION FOR CERTAIN PERSONAL PROPERTY THAT IS OWNED BY A BUSINESS ENTERPRISE AND USED BY THE BUSINESS ENTERPRISE SOLELY ON THE PREMISES OF THE BUSINESS ENTERPRISE IN THE OPERATION OF THE ENTERPRISE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. From and after January 1, 2024, eligible personal property that is owned by a business enterprise and used by the business enterprise solely on the premises of the business enterprise in the operation of the enterprise shall be exempt from all ad valorem taxes on not in excess of Twenty Thousand Dollars ($20,000.00) of the assessed value of such property. For the purposes of this section, the term "eligible personal property" means furniture, fixtures and/or equipment that is classified as personal property for the purposes of ad valorem taxation. However, the term "eligible personal property" does not include (a) motor vehicles, (b) personal property included in Class IV property as defined in Section 112, Mississippi Constitution of 1890, or (c) property on which the payment of ad valorem taxes may be claimed as an income tax credit under Section 27-7-22.5.
SECTION 2. This act shall take effect and be in force from and after July 1, 2023.
