MS SB2802

Adds definition of "airport-related contracts, leases and other arrangements" to limit tax exemptions to leases directly supporting airport operations, excluding unrelated contracts and buffer area development.

Defines "unrelated contracts, leases and other arrangements" as those whose primary use is substantially unrelated to aircraft operations, maintenance, storage, cargo transport, passenger services, or fixed base operator activities.

Limits ad valorem tax exemptions under Section 61-3-21 to only "airport-related" contracts, leases, and associated structures and improvements, removing blanket exemptions for all authority contracts.

Specifies that charges and fees from airport-related contracts serve as payment in lieu of state, county, and municipal ad valorem taxes on real and personal property.

Effective upon passage.