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MS HB1727
Bill
Status
2/22/2017
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
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Amends Mississippi Code Section 27-31-1 to add ad valorem tax exemption for real and personal property belonging to foundations that are exempt from federal income taxation under Internal Revenue Code Section 501(c)(3).
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Applies exemption only to foundations that receive, invest, and administer private support for state-supported institutions of higher learning.
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Adds the exemption language to subsection (d), which covers property belonging to religious societies, charitable societies, and educational institutions used exclusively for non-profit purposes.
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Takes effect July 1, 2017.
Legislative Description
Ad valorem tax; exempt property of certain foundations that provide support to state institutions of higher learning.
Last Action
Died In Committee
2/22/2017