The 2011 Legislative session has begun to focus on appropriations and revenue bills.

Both the House and Senate have been busy passing budget bills on the floor, while both the Senate Finance Committee and House Ways and Means Committee are addressing tax and bond issues.

On Thursday, SB 2515, legislation that would reduce the Inventory Tax paid by businesses in Mississippi passed the Senate Finance Committee.

An MEC priority, the bill would phase in a 20 percent reduction over five years beginning in 2014. The bill is structured so the county and city governments and the school district would not be impacted by the reduction. Under the legislation, an employer would continue to pay the inventory tax locally. The employer could then apply for a tax/credit or rebate from the state.

The measure is expected to a taken up on the floor of the Senate early next week, and faces a deadline of Wednesday. Feb. 23