Bill Text: MS HB1524 | 2012 | Regular Session | Introduced

---

Bill Title: Ad valorem tax; exempt inventory from.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2012-03-28 - Died In Committee [HB1524 Detail]

Download: Mississippi-2012-HB1524-Introduced.html

---

MISSISSIPPI LEGISLATURE

2012 Regular Session

To: Ways and Means

By: Representative Shirley

House Bill 1524

AN ACT TO EXEMPT FROM AD VALOREM TAXATION ALL COMMODITIES, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY A MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT; AND FOR RELATED PURPOSES.

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

     SECTION 1.  (a)  From and after January 1, 2013, inventory shall be exempt from ad valorem taxation as follows: 

          (i)  For the 2013 calendar year, ten percent (10%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (ii)  For the 2014 calendar year, twenty percent (20%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (iii)  For the 2015 calendar year, thirty percent (30%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (iv)  For the 2016 calendar year, forty percent (40%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (v)  For the 2017 calendar year, fifty percent (50%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (vi)  For the 2018 calendar year, sixty percent (60%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (vii)  For the 2019 calendar year, seventy percent (70%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (viii)  For the 2020 calendar year, eighty percent (80%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (ix)  For the 2021 calendar year, ninety percent (90%) of the assessed value of inventory shall be exempt from ad valorem taxation;

          (x)  For the 2022 calendar year and each calendar year thereafter, the entire assessed value of inventory shall be exempt from ad valorem taxation. 

     (b)  For the purposes of this section, the term "inventory" means all commodities, products, goods, wares and merchandise held for resale by a manufacturer, distributor, wholesale or retail merchant.

     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, whether such claims, assessments, appeals, suits or actions have been begun before the date on which 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, 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, 2012.