House Bill 787

AN ACT TO EXEMPT FROM AD VALOREM TAXATION 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. (1) From and after January 1, 2025, 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 ad valorem taxation as follows:

(a) For the 2025 calendar year, ten percent (10%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(b) For the 2026 calendar year, twenty percent (20%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(c) For the 2027 calendar year, thirty percent (30%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(d) For the 2028 calendar year, forty percent (40%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(e) For the 2029 calendar year, fifty percent (50%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(f) For the 2030 calendar year, sixty percent (60%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(g) For the 2031 calendar year, seventy percent (70%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(h) For the 2032 calendar year, eighty percent (80%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation;

(i) For the 2033 calendar year, ninety percent (90%) of the assessed value of such eligible personal property shall be exempt from ad valorem taxation; and

(j) For the 2034 calendar year and each calendar year thereafter, the entire assessed value of such eligible personal property shall be exempt from ad valorem taxation.

(2) 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, 2024.