Bill Text: MS SB2927 | 2023 | Regular Session | Introduced

Mississippi Senate Bill 2927 (Prior Session Legislation)

Introduced

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

Spectrum: Partisan Bill (Republican 3-0)

Status: (Failed) 2023-02-22 - Died In Committee [SB2927 Detail]

Download: Mississippi-2023-SB2927-Introduced.html

MISSISSIPPI LEGISLATURE

2023 Regular Session

To: Finance

By: Senator(s) Sojourner, McDaniel, Chism

Senate Bill 2927

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 2024 through 2027, 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 2024, twenty percent (20%) of the assessed value of the property shall be exempt.

(b) For calendar year 2025, forty percent (40%) of the assessed value of the property shall be exempt.

(d) For calendar year 2027, eighty percent (80%) of the assessed value of the property shall be exempt.

(2) From and after January 1, 2028, 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goods, wares and merchandise held for resale by any manufacturer, distributor, wholesale or retail merchant, is repealed.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, 2024.