House Bill 1034

AN ACT TO PROVIDE AN AD VALOREM TAX EXEMPTION FOR CERTAIN PERSONAL PROPERTY THAT IS OWNED BY A BUSINESS ENTERPRISE TAXPAYER, IS USED BY THE BUSINESS ENTERPRISE SOLELY ON THE PREMISES OF THE BUSINESS ENTERPRISE IN THE OPERATION OF THE ENTERPRISE AND HAS A TRUE VALUE FOR AD VALOREM TAX PURPOSES OF NOT MORE THAN $25.00; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. From and after January 1, 2025, eligible personal property that (a) is owned by a taxpayer who is a business enterprise engaged in commercial, industrial or professional activities and operating as a corporation, limited liability company, partnership or sole proprietorship, (b) is used by the taxpayer solely on the premises of the business enterprise in the operation of the enterprise and (c) has a true value of not more than Twenty-five Dollars ($25.00) shall be exempt from all ad valorem taxes on 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, 2024.