MS HB403

Transfers authority to manage agricultural leases of prison lands from the Department of Finance and Administration to the Secretary of State, effective July 1, 2015.

Reduces maximum agricultural lease term from 8 years to 4 years, with all leases expiring on December 31.

Establishes competitive bidding procedures for prison land leases, requiring advertisement in newspapers, the Mississippi State Agricultural Registration, and the Mississippi Market Bulletin for two successive weeks.

Increases the fee-in-lieu of ad valorem taxes on leased agricultural lands from $9.00 to $13.00 per acre.

Removes provisions allowing lessees to pay rent via promissory notes and eliminates the requirement to distribute 15% of lease revenue from certain commercial/industrial projects to Sunflower County public schools.