MS SB2051

Amends Mississippi Code Section 27-31-1 to add ad valorem tax exemption for real and personal property belonging to foundations exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code.

Exemption applies only to foundations that receive, invest, and administer private support for state-supported institutions of higher learning.

Adds this new exemption to the existing list of tax-exempt properties in Section 27-31-1, which includes religious organizations, charitable societies, educational institutions, and other qualifying entities.

Takes effect July 1, 2017.