HB947 • 2026

Ad valorem tax; exempt certain business personal property from.

AN ACT TO PROVIDE AN AD VALOREM TAX EXEMPTION FOR CERTAIN PERSONAL PROPERTY THAT IS OWNED BY A BUSINESS ENTERPRISE TAXPAYER, IS USED BY THE BUSINESS ENTERPRISE SOLELY ON THE PREMISES OF THE BUSINESS ENTERPRISE IN THE OPERATION OF THE ENTERPRISE AND HAS A TRUE VALUE FOR AD VALOREM TAX PURPOSES OF NOT MORE THAN $25.00; AND FOR RELATED PURPOSES.

Small Business Taxes

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Byrd
Last action: 2026-02-25
Official status: Dead
Effective date: July 1, 20

Plain English Breakdown

The bill did not pass during its session.

Tax Exemption for Small Business Equipment

This bill would exempt certain personal property owned by businesses with a value of up to $25 from ad valorem taxes.

What This Bill Does

Exempts certain personal property owned by businesses from ad valorem tax if the value is $25 or less.
Defines eligible personal property as furniture, fixtures, and equipment used in running a business.
Does not include motor vehicles, specific types of property under Class IV, or property with income tax credits.

Who It Names or Affects

Businesses that own small pieces of equipment worth up to $25.
Tax authorities responsible for collecting ad valorem taxes.

Terms To Know

Ad Valorem Tax: A tax based on the value of a property or asset, often used for real estate and personal property.
Eligible Personal Property: Furniture, fixtures, and equipment owned by businesses that qualify for tax exemption under this bill.

Limits and Unknowns

The bill did not pass in the session it was introduced.
It would only apply to property valued at $25 or less.
Certain types of property are excluded from the exemption, such as motor vehicles and specific classes of property under state law.

Bill History

2026-02-25 Mississippi Legislative Bill Status System
02/25 (H) Died In Committee
2026-01-16 Mississippi Legislative Bill Status System
01/16 (H) Referred To Ways and Means

Official Summary Text

Ad valorem tax; exempt certain business personal property from.

Current Bill Text

Read the full stored bill text

H. B. No. 947 *HR43/R680* ~ OFFICIAL ~ R3/5
26/HR43/R680
PAGE 1 (BS\KP)

To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Byrd

HOUSE BILL NO. 947

AN ACT TO PROVIDE AN AD VALOREM TAX EXEMPTION FOR CERTAIN 1
PERSONAL PROPERTY THAT IS OWNED BY A BUSINESS ENTERPRISE TAXPAYER, 2
IS USED BY THE BUSINESS ENTERPRISE SOLELY ON THE PREMISES OF THE 3
BUSINESS ENTERPRISE IN THE OPERATION OF THE ENTERPRISE AND HAS A 4
TRUE VALUE FOR AD VALOREM TAX PURPOSES OF NOT MORE THAN $25.00; 5
AND FOR RELATED PURPOSES. 6
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 7
SECTION 1. From and after January 1, 2027, eligible personal 8
property that (a) is owned by a taxpayer who is a business 9
enterprise engaged in commercial, industrial or professional 10
activities and operating as a corporation, limited liability 11
company, partnership or sole proprietorship, (b) is used by the 12
taxpayer solely on the premises of the business enterprise in the 13
operation of the enterprise and (c) has a true value of not more 14
than Twenty-five Dollars ($25.00) shall be exempt from all ad 15
valorem taxes on the assessed value of such property. For the 16
purposes of this section, the term "eligible personal property" 17
means furniture, fixtures and/or equipment that is classified as 18
personal property for the purposes of ad valorem taxation. 19
However, the term "eligible personal property" does not include 20
H. B. No. 947 *HR43/R680* ~ OFFICIAL ~
26/HR43/R680
PAGE 2 (BS\KP)
ST: Ad valorem tax; exempt certain business
personal property from.
(a) motor vehicles, (b) personal property included in Class IV 21
property as defined in Section 112, Mississippi Constitution of 22
1890, or (c) property on which the payment of ad valorem taxes may 23
be claimed as an income tax credit under Section 27-7-22.5. 24
SECTION 2. This act shall take effect and be in force from 25
and after July 1, 2026. 26