MS HB1728

Adds a new category of personal property eligible for ad valorem tax exemption: property consigned to a licensed free port warehouse for storage pending transit to one other location in Mississippi for production or processing into a component or part, then transported outside the state.

Allows boards of supervisors and municipal governing authorities to grant exemptions in their discretion for qualifying property stored in free port warehouses.

Exempts property from ad valorem taxes even if it is bound, divided, broken in bulk, labeled, relabeled, or repackaged while in the warehouse.

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

Takes effect January 1, 2016.