MS HB1586

Amends Section 27-31-53 of the Mississippi Code to expand ad valorem tax exemptions for personal property in licensed free port warehouses within Mississippi.

Adds new category (d) of eligible property: items consigned or transferred to a licensed free port warehouse for storage pending transit to no more than one other in-state location for production or processing into a component or part, then transported outside Mississippi.

Property in free port warehouses may be exempt from ad valorem taxes at the discretion of the county board of supervisors and municipal governing authorities where the warehouse is located.

Exemption becomes effective on the first calendar day of the taxable year in which the warehouse applies for licensure and remains in effect for the period prescribed by the governing authority.

Effective date is January 1, 2017; does not affect any tax claims, assessments, or liens that accrued before the effective date.