MS HB1624

Amends Sections 19-29-39 and 27-31-36 of the Mississippi Code to exempt leases and contracts between railroad authorities and third parties from ad valorem taxation.

Exemption applies when a railroad authority finds that the tax exemption is necessary to assist with or make possible repair, rehabilitation, or reconstruction of railroad properties and facilities.

Exemption period may not exceed a total of 10 years for any single lease or contract.

Applies to both direct railroad authorities and limited liability companies wholly owned by railroad authorities.

Takes effect January 1, 2018, with no retroactive effect on taxes due or accrued before that date.