MS SB3028

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

Adds new category (d) of eligible property: items consigned to a free port warehouse for storage, then transported to not more than one other in-state location for production or processing into a component or part, then shipped outside Mississippi.

Property eligible for exemption remains exempt from county and municipal ad valorem taxes and does not acquire taxable situs in Mississippi, even if repackaged, relabeled, or divided while in the warehouse.

Exemptions granted before January 1, 2012 are ratified and confirmed as valid.

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