Ad valorem tax; exempt certain business personal property from.

HB 947 exempts small business-owned property valued at $25 or less from property taxes if it's used solely on the business premises for operations. It directly affects small businesses (including sole proprietorships, LLCs, and corporations) that own qualifying furniture, fixtures, or basic equipment under $25. The exemption excludes motor vehicles, property in Class IV (as defined by Mississippi law), and items already covered by income tax credits. The law takes effect January 1, 2027, providing relief for low-value operational assets.