Business taxes; eliminate inventory tax and personal property tax on business, and set annual local privilege tax at $10 total.

SB 3125 eliminates Mississippi's property tax on business inventory (like raw materials and goods held for resale) and business-owned personal property (such as furniture and equipment used on-site), directly affecting all manufacturers, distributors, and retailers. It replaces numerous existing local business privilege taxes (e.g., on car rentals, flea markets, pawnbrokers, and stores) with a single $10 annual fee for all businesses. The bill exempts eligible business property from ad valorem taxation and modifies tax credit provisions for businesses. These changes aim to reduce compliance burdens and lower costs for operating businesses across Mississippi.