MS SB2834

Amends Mississippi Code Section 27-31-1 to exempt real and personal property belonging to foundations that are tax-exempt under Internal Revenue Code Section 501(c)(3) and receive, invest, and administer private support for state-supported institutions of higher learning from ad valorem taxation.

Adds this exemption to the existing list of tax-exempt property in Mississippi, which includes cemeteries, government property, religious and charitable organizations, educational institutions, and hospitals.

The exemption applies specifically to foundation property used to support state-supported colleges and universities through fundraising and endowment administration.

Takes effect July 1, 2016.