MS SB2097

Amends Section 27-31-53 of the Mississippi Code to add a new category (d) of personal property eligible for ad valorem tax exemption in free port warehouses.

Personal property consigned to a licensed free port warehouse for storage pending transit to not more than one other location in Mississippi for production or processing into a component or part, then transported outside the state, qualifies for the exemption.

Property exempted from ad valorem taxes shall not be deemed to have acquired situs in Mississippi for taxation purposes, even if bound, divided, relabeled or repackaged while in the warehouse.

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

The act takes effect January 1, 2018, and does not affect any tax claims, assessments, or appeals that accrued before the effective date.