House Bill 1592 Summary

• Exempts mortgages, deeds of trust, lease agreements, loan agreements, and purchases related to public property or facilities financed through New Markets Tax Credit transactions from all Mississippi state taxes except the contractor's tax.

• Exempts public property or facilities financed by New Markets Tax Credit transactions and revenue from leasing such properties from all state taxes except contractor's tax and income tax.

• Requires approval from appropriate local taxing authorities before granting ad valorem tax exemptions and prohibits exemptions from school district ad valorem taxes.

• Limits ad valorem tax exemptions authorized under this act to a maximum of 10 years from the date of completion of the public property or facility.

• Authorizes public entities to create or designate nonprofit public benefit corporations to enter into financing arrangements and New Markets Tax Credit transactions for acquiring, renovating, constructing, and managing public property or facilities with terms up to 50 years.