MS HB189

Adds personal property eligible for ad valorem tax exemption when consigned to a licensed free port warehouse in Mississippi for storage pending transit to one other in-state location for production or processing.

Exemption applies when property is processed into a component or part at the in-state location and then transported to a final destination outside Mississippi.

Exemption is discretionary and granted by county boards of supervisors and municipal governing authorities where the warehouse is located.

Exemption becomes effective on the first calendar day of the taxable year when the warehouse applies for licensure and remains in effect as prescribed by the governing authority.

Takes effect January 1, 2018, and does not affect any ad valorem tax claims, assessments, or appeals for taxes accrued before the effective date.