Bill Text: MS SB2644 | 2015 | Regular Session | Introduced

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Bill Title: Inventory; phase in an ad valorem tax exemption for.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2015-02-25 - Died In Committee [SB2644 Detail]

Download: Mississippi-2015-SB2644-Introduced.html

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MISSISSIPPI LEGISLATURE

2015 Regular Session

To: Finance

By: Senator(s) McDaniel, Sojourner

Senate Bill 2644

AN ACT TO PHASE IN AN EXEMPTION FROM AD VALOREM TAXES ON COMMODITIES, RAW MATERIALS, WORKS-IN-PROCESS, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY ANY MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT; TO REPEAL SECTION 27-7-22.5, WHICH AUTHORIZES AN INCOME TAX CREDIT IN CERTAIN AMOUNTS FOR MANUFACTURERS, DISTRIBUTORS, WHOLESALE OR RETAIL MERCHANTS FOR AD VALOREM TAXES PAID ON COMMODITIES, RAW MATERIALS, WORKS-IN-PROCESS, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY ANY MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT; AND FOR RELATED PURPOSES.

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

     SECTION 1.  (1)  For calendar years 2016 through 2019, commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by any manufacturer, distributor, wholesale or retail merchant shall be exempt from ad valorem tax as follows:

          (a)  For calendar year 2016, twenty percent (20%) of the assessed value of the property shall be exempt.

          (b)  For calendar year 2017, forty percent (40%) of the assessed value of the property shall be exempt.

          (c)  For calendar year 2018, sixty percent (60%) of the assessed value of the property shall be exempt.

          (d)  For calendar year 2019, eighty percent (80%) of the assessed value of the property shall be exempt.

     (2)  From and after January 1, 2020, commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by any manufacturer, distributor, wholesale or retail merchant shall be exempt from ad valorem tax.

     SECTION 2.  Section 27-7-22.5, Mississippi Code of 1972, which authorizes an income tax credit in certain amounts for manufacturers, distributors, wholesale or retail merchants for ad valorem taxes paid on commodities, raw materials, works-in-process, products, goods, wares and merchandise held for resale by any manufacturer, distributor, wholesale or retail merchant, is repealed.

     SECTION 3.  This act shall take effect and be in force from and after January 1, 2016.