MS HB1622

Expands the definition of personal property eligible for ad valorem tax exemption in licensed Mississippi free port warehouses to include goods destined for processing or production at one other in-state location before final out-of-state delivery.

Allows property consigned to a free port warehouse for storage pending transit to not more than one other Mississippi location for production or processing into a component or part, then transported outside the state, to qualify for the exemption.

Exemption remains discretionary for county boards of supervisors and municipal governing authorities where the warehouse is located.

Property does not lose exemption status while in warehouse undergoing binding, dividing, labeling, relabeling, or repackaging.

Effective date is January 1, 2017, with no retroactive effect on taxes due or accrued before that date.