MS SB2342

Amends Mississippi Code sections 27-31-51 and 27-31-53 to clarify that manufacturers of personal property maintaining separate facilities for temporary storage and handling are eligible for "free port warehouse" licensing.

Allows personal property manufactured in Mississippi and stored in manufacturer-licensed free port warehouse facilities pending shipment to destinations outside the state to be exempt from ad valorem taxation.

Ratifies and confirms any free port warehouse licenses issued to manufacturers and any ad valorem tax exemptions granted prior to the effective date of the act.

Permits property stored in free port warehouses to be bound, divided, broken in bulk, labeled, relabeled, or repackaged without losing tax exemption status.

Effective January 1, 2012, with modified language taking effect July 1, 2013, that removes the discretionary "all or a portion" language for tax exemption applicability.