MS SB3031

Amends Section 27-35-12 to exempt intangibles of banks and banking associations from ad valorem taxation.

Repeals Sections 27-35-35, 27-35-37, and 27-35-39, which previously allowed ad valorem taxation of bank intangibles and capital for non-corporate banks.

Banks remain subject to ad valorem taxes on tangible personal property, with only intangibles exempted.

Effective date is July 1, 2017.