Did not become law. It stopped in the Senate's Finance Committee on February 26, 2025. The 2025 session has ended.
2025 Regular Session
Senate Bill 3125
Business taxes; eliminate inventory tax and personal property tax on business, and set annual local privilege tax at $10 total.
What it does
The synopsis the Legislature published with the bill.
AN ACT TO AMEND SECTION 27-31-1, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM AD VALOREM TAXATION THE ENTIRE ASSESSED VALUE OF COMMODITIES, RAW MATERIALS, WORKS-IN-PROCESS, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY A MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT; TO PROVIDE THAT SUCH ASSESSED VALUE MAY BE DETERMINED BY PHYSICAL COUNT OR BOOK VALUE, AT THE OPTION OF THE MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT; TO EXEMPT FROM AD VALOREM TAXATION THE ENTIRE ASSESSED VALUE OF ELIGIBLE PERSONAL PROPERTY THAT IS OWNED BY A BUSINESS ENTERPRISE AND USED BY THE BUSINESS ENTERPRISE SOLELY ON THE PREMISES OF THE BUSINESS ENTERPRISE IN THE OPERATION OF THE ENTERPRISE; TO SPECIFY THAT "ELIGIBLE PERSONAL PROPERTY" MEANS FURNITURE, FIXTURES OR EQUIPMENT CLASSIFIED AS PERSONAL PROPERTY FOR PURPOSES OF AD VALOREM TAXATION BUT DOES NOT INCLUDE MOTOR VEHICLES OR CLASS IV PROPERTY AS DEFINED IN SECTION 112 OF THE MISSISSIPPI CONSTITUTION OF 1890; TO BRING FORWARD SECTION 27-7-22.5, MISSISSIPPI CODE OF 1972, WHICH PROVIDES AN INCOME TAX CREDIT FOR AD VALOREM TAXES PAID ON COMMODITIES, RAW MATERIALS, WORKS-IN-PROCESS, PRODUCTS, GOODS, WARES AND MERCHANDISE HELD FOR RESALE BY ANY MANUFACTURER, DISTRIBUTOR, WHOLESALE OR RETAIL MERCHANT, FOR THE PURPOSE OF POSSIBLE AMENDMENT; TO BRING FORWARD SECTION 27-35-15, MISSISSIPPI CODE OF 1972, WHICH PROVIDES THE METHOD OF ASSESSING PERSONAL PROPERTY, FOR THE PURPOSE OF POSSIBLE AMENDMENT; TO AMEND SECTION 27-17-9, MISSISSIPPI CODE OF 1972, TO SET THE TOTAL ANNUAL LOCAL PRIVILEGE TAX AT $10.00; TO REPEAL SECTION 27-17-35, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OPERATORS OF MOTOR VEHICLE RENTAL BUSINESSES; TO REPEAL SECTION 27-17-162, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON FLEA MARKET SELLERS; TO REPEAL SECTION 27-17-299, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON PAWNBROKERS; TO REPEAL SECTION 27-17-365, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OPERATORS OF WHOLESALE OR RETAIL STORES; TO REPEAL SECTION 27-17-415, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON DEALERS OF DEADLY WEAPONS; TO REPEAL SECTION 27-17-423, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OWNERS OR OPERATORS OF DRILLING RIGS; TO REPEAL SECTION 27-17-425, MISSISSIPPI CODE OF 1972, WHICH IMPOSES A LOCAL PRIVILEGE TAX ON OPTOMETRISTS; AND FOR RELATED PURPOSES.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the Senate
Sponsor
Its course
February 24 to February 26, 2025, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action2 actions on 2 days
In the SenateFeb 24 to Feb 26 · stopped2 days
FinanceFeb 24 to Feb 26 · stopped2 days
Text
Each version as the Legislature printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislature published it is below.