Bill > SB2995

This bill allows counties and municipalities in Mississippi to exempt raw materials and work-in-progress inventory from ad valorem taxes (property taxes), except for school district taxes, for certain types of businesses. Specifically, the legislation enables local governments to grant tax exemptions for up to ten years on the value of inventory for manufacturers, distributors, and wholesale merchants located within their jurisdiction. The bill clarifies that any such exemptions granted before July 1, 2025, will be retroactively ratified and approved. The exemptions apply to various types of new enterprises, including manufacturing facilities, distribution centers, research facilities, and other qualifying businesses as defined by the Mississippi Development Authority. The bill also updates application procedures for these tax exemptions, requiring businesses to provide detailed information about the property and projected inventory value when seeking the tax break. This legislation aims to provide local governments with more flexibility in offering economic incentives to businesses and potentially attract new economic development by reducing tax burdens on inventory.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2995.xml