Senate Bill 2323

AN ACT TO PHASE IN AN AD VALOREM TAX EXEMPTION ON ALL COMMODITIES, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY ANY SMALL BUSINESS WITH AN ANNUAL NET REVENUE OF LESS THAN $2,000,000.00; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) As used in this section, the term "small business" means any commercial enterprise with an annual net revenue of less than Two Million Dollars ($2,000,000.00).

(2) From and after January 1, 2025, through December 31, 2025, twenty percent (20%) of the assessed value of all commodities, products, goods, wares and merchandise held for resale by any small business shall be exempt from ad valorem taxation.

(3) From and after January 1, 2026, through December 31, 2026, forty percent (40%) of the assessed value of all commodities, products, goods, wares and merchandise held for resale by any small business shall be exempt from ad valorem taxation.

(4) From and after January 1, 2027, through December 31, 2027, sixty percent (60%) of the assessed value of all commodities, products, goods, wares and merchandise held for resale by any small business shall be exempt from ad valorem taxation.

(5) From and after January 1, 2028, through December 31, 2028, eighty percent (80%) of the assessed value of all commodities, products, goods, wares and merchandise held for resale by any small business shall be exempt from ad valorem taxation.

(6) From and after January 1, 2029, all commodities, products, goods, wares and merchandise held for resale by any small business shall be exempt from ad valorem taxation.

SECTION 2. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the ad valorem tax laws before the date on which this act becomes effective or before the date an increase in the exemption authorized by this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act or an increase in the exemption authorized by this act becomes effective or are begun thereafter; and the provisions of the ad valorem tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective or any increase in the exemption authorized by this act becomes effective and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 3. This act shall take effect and be in force from and after July 1, 2024.