MS HB1426

Adds new paragraph (ll) to Section 27-31-1 of Mississippi Code to exempt all leases, lease contracts, lease agreements, leaseholds, and leasehold interests related to property owned by the United States and leased to private entities for managing, operating, maintaining, and constructing military housing facilities from ad valorem taxation.

Exempts improvements made to such military housing property by private entities under these agreements from ad valorem taxation.

Defines "United States" to include any agency or instrumentality of the United States of America for purposes of this exemption.

Preserves all existing tax claims, assessments, appeals, and suits for taxes accrued before the effective date under prior ad valorem tax laws.

Takes effect January 1, 2011.