summary
Introduced
01/16/2026
01/16/2026
In Committee
01/16/2026
01/16/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
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.
AI Summary
This bill, effective January 1, 2027, exempts certain business personal property from ad valorem taxes, which are taxes based on the assessed value of property. Specifically, it applies to personal property owned by businesses operating as corporations, limited liability companies, partnerships, or sole proprietorships, as long as the property is used exclusively on the business premises for its operation and has a true value of $25 or less. Eligible personal property includes furniture, fixtures, and equipment classified as personal property for tax purposes, but it excludes motor vehicles, certain Class IV property as defined by the Mississippi Constitution, and property for which ad valorem taxes can be claimed as an income tax credit.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred To Ways and Means (on 01/16/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0947.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2026/html/HB/0900-0999/HB0947IN.htm |
Loading...