Mississippi SB2840 amends income tax credits for ad valorem taxes on rental equipment and allows selling unused credits.
Mississippi SB2840 amends Section 27-7-22.5 of the Mississippi Code to provide an income tax credit for ad valorem taxes paid on rental equipment. It allows taxpayers to sell unused credits on the market for five years after the credit was earned. The bill also repeals several local privilege taxes, including those on motor vehicle rental businesses, flea market sellers, pawnbrokers, wholesale or retail store operators, and dealers of deadly weapons. The changes take effect from January 1, 2026.
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