MS HB492

Extends the repealer date for Section 29-1-75, Mississippi Code of 1972, which restricts purchases of public lands by corporations and nonresident aliens, from an unspecified date to July 1, 2019.

Maintains the prohibition on corporations and nonresident aliens from purchasing public lands, with specific exceptions for banking corporations holding mortgages on tax-forfeited lands and nonbanking corporations purchasing tax-forfeited lands subject to acreage limits.

Allows nonresident aliens to acquire up to 320 acres of public lands for industrial development purposes and up to 5 acres for residential purposes, with industrial land reverting to the selling public body if no longer used for industrial purposes.

Takes effect July 1, 2016.