AN ACT TO AMEND SECTION 27-31-1, MISSISSIPPI CODE OF 1972, 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; TO REPEAL SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, WHICH PROVIDES AN INCOME TAX CREDIT 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.

Statutes affected:
As Introduced: 27-31-1