Bill > HB785

This bill provides a partial ad valorem (property) tax exemption for certain business personal property in Mississippi. Specifically, it exempts up to $20,000 of the assessed value of "eligible personal property" - which includes furniture, fixtures, and equipment - that is owned by a business and used solely on the business premises. This exemption applies to taxes levied on or after January 1, 2025. The bill excludes motor vehicles, certain Class IV property, and property eligible for an income tax credit from the definition of "eligible personal property." The bill takes effect on July 1, 2024.