Bill Text: MS HB217 | 2018 | Regular Session | Introduced
Bill Title: Ad valorem tax; exempt certain business personal property from.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Failed) 2018-02-21 - Died In Committee [HB217 Detail]
Download: Mississippi-2018-HB217-Introduced.html
MISSISSIPPI LEGISLATURE
2018 Regular Session
To: Ways and Means
By: Representative Foster
House Bill 217
AN ACT TO EXEMPT FROM AD VALOREM TAXATION CERTAIN PERSONAL PROPERTY THAT IS OWNED BY A BUSINESS ENTERPRISE AND USED BY THE BUSINESS ENTERPRISE SOLELY ON THE PREMISES OF THE BUSINESS ENTERPRISE IN THE OPERATION OF THE ENTERPRISE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. From and after January 1, 2019, eligible personal property that has a true value of less than One Hundred Dollars ($100.00) and is owned by a business enterprise and used by the business enterprise solely on the premises of the business enterprise in the operation of the enterprise shall be exempt from ad valorem taxation. 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, 2018.
