Ad valorem tax; exempt certain business personal property from.

SB 2994 would have exempted business-owned personal property (like tools, machinery, and equipment) used solely on a business's premises from ad valorem property taxes. It directly affects manufacturers, distributors, wholesalers, and retailers that own such property for operational use. The bill amended Mississippi’s tax code to add this exemption while repealing an existing income tax credit for ad valorem taxes paid on business inventory (Section 27-7-22.5). The legislation died in committee on February 26, 2025, and never became law.