MS SB2284

Exempts real and personal property of foundations from ad valorem taxation if the foundation is exempt from federal income tax under Section 501(c)(3) and receives, invests, and administers private support for a state-supported institution of higher learning.

Exempts sales of tangible personal property and services to qualifying foundations from Mississippi sales tax under the same criteria: 501(c)(3) status and receipt/investment/administration of private support for state-supported higher education institutions.

Effective date is July 1, 2011.