MS SB3180

Expands the definition of "warehouse" or "storage facility" under Mississippi's freeport warehouse tax exemption law to include underground reservoirs, strata, or formations approved by the State Oil and Gas Board for underground storage

Also includes artificially formed underground storage spaces that have received permits from the State Oil and Gas Board under Section 75-57-13

Maintains the existing exclusion of natural or artificial caves or cavities from the warehouse definition, except for the newly specified permitted underground storage facilities

Allows these qualifying underground storage facilities to be licensed as "freeport warehouses," making personal property stored there eligible for ad valorem tax exemption

Effective date of July 1, 2010