MS HB881

Amends Section 27-31-53 of the Mississippi Code to clarify when ad valorem tax exemptions for licensed freeport warehouses become effective.

Establishes that exemptions granted to licensed freeport warehouses shall be effective as of the first calendar day of the taxable year in which the warehouse submits its application for licensure.

Exemptions remain in effect for the period of time the respective governing authority prescribes after initial approval.

Ratifies and confirms all exemptions from ad valorem taxes granted before January 1, 2012.

Two versions of the amended section apply: one through June 30, 2013, and a revised version from July 1, 2013 forward, with the later version removing language about "all or a portion" of assessed value and clarifying applicability to "all personal property."