SB3163

Eliminate inventory tax and reimburse local governments through legislative appropriations.

Mississippi SB3163 aims to eliminate the inventory tax and compensate local governments for lost revenue through legislative appropriations. The bill exempts certain personal property from ad valorem taxation, including commodities, raw materials, and goods held for resale by businesses. It also specifies that eligible personal property includes furniture, fixtures, or equipment used solely on business premises. The bill mandates that tax assessors continue to assess the value of exempted items and apply the assessed value to determine lost revenue.