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House approves exemption of inventory (ad valorem) tax for tractors; members warn of local revenue impacts
Summary
House Bill 1851 eliminates the inventory (ad valorem) tax on tractors and certain farm equipment. Sponsors said the change prevents dealers from paying tax on equipment they do not ultimately sell; opponents warned the exemption will reduce local revenues for counties and school districts and asked for county-level estimates.
The Mississippi House approved House Bill 1851, which eliminates the inventory (ad valorem) tax on tractors and specified farm equipment. Sponsors said the measure modernizes tax treatment for dealers who temporarily hold equipment — often moving units between dealers — and avoids taxing equipment that…
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