MS SB2816

Exempts mortgages, deeds of trust, lease agreements, loan agreements, purchase agreements, and purchases related to public property or facilities financed through New Markets Tax Credit transactions from all state taxation 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 taxation except contractor's tax and income tax (Chapter 7, Title 27).

Requires approval by appropriate local taxing authorities for ad valorem tax exemptions and prohibits exemptions from school district ad valorem taxes; limits ad valorem exemption duration to 10 years from completion of the public property or facility.

Authorizes public entities to create or designate nonprofit public benefit corporations to engage in New Markets Tax Credit transactions for acquiring, constructing, leasing, and managing public property or facilities for terms up to 50 years.

Adds sales to public benefit corporations as defined in the bill to the sales tax exemptions in Section 27-65-105.