Inventory tax; eliminate, and reimburse lost revenue to local governments through legislative appropriations.

SB 3163 eliminates the ad valorem tax on business inventories (including commodities, raw materials, and goods held for resale) for manufacturers, distributors, and retailers. It directly affects these businesses by removing a tax on their inventory holdings. The bill requires the state to reimburse counties, municipalities, and school districts for lost tax revenue through annual legislative appropriations, mandating the Department of Revenue to compile and report annual data on the lost revenue by November 1. This creates a concrete policy change to offset local government revenue losses while exempting specific business inventory from taxation.