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MS HB440
Bill
Status
2/23/2016
Primary Sponsor
Randal Rushing
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AI Summary
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Removes Section 27-35-50(4)(d) from Mississippi Code of 1972, which previously prescribed specific appraisal procedures for affordable rental housing based on actual net operating income and market capitalization rates.
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Eliminates the requirement for affordable rental housing owners to provide annual statements of actual net operating income to county tax assessors by April 1.
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Deletes the definition of "affordable rental housing" tied to Section 42 of the Internal Revenue Code and federal affordable housing programs.
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Updates references from "State Tax Commission" to "Department of Revenue" throughout Section 27-35-50.
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Effective date: January 1, 2016.
Legislative Description
Ad valorem tax; remove the provision that prescribes the manner in which affordable rental housing must be appraised.
Last Action
Died In Committee
2/23/2016