MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Ways and Means
By: Representative Shirley
AN ACT TO AUTHORIZE COUNTY BOARDS OF SUPERVISORS AND MUNICIPAL GOVERNING AUTHORITIES 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. (1) A governing authority, in its discretion, may exempt inventory from ad valorem taxation. A governing authority desiring to exempt inventory under this section must adopt a resolution declaring that all inventory otherwise taxable by the governing authority is exempt from ad valorem taxation by the governing authority. A governing authority shall provide a copy of such resolution to the Department of Revenue.
(2) For the purposes of this section:
(a) "Governing authority" means a county board of supervisors or governing authorities of a municipality, as the case may be.
(b) "Inventory" means all commodities, products, goods, wares and merchandise held for resale by a manufacturer, distributor, wholesale or retail merchant.
SECTION 2. This act shall take effect and be in force from and after January 1, 2012.