MS SB3049

Exempts from ad valorem taxation any lease or other contract entered into by a railroad authority that provides a leasehold or other interest in railroad properties and facilities to a person, upon the railroad authority's finding that the exemption is necessary to assist with repair, rehabilitation, or reconstruction of those properties and facilities.

Limits the exemption period to a maximum of 10 years total.

Applies the exemption to leases and contracts entered into by limited liability companies or other entities wholly owned by a railroad authority, in addition to the railroad authority itself.

Preserves all existing ad valorem tax claims, assessments, appeals, and suits for taxes accrued before the bill's effective date.

Takes effect on January 1, 2018.