MS HB792

Creates the "Land Bank Act" authorizing counties, municipalities, and joint authorities to acquire and dispose of vacant, abandoned, or tax-struck property to promote economic development and revitalization.

Establishes land bank authorities as public bodies with powers to acquire property by gift, purchase, or foreclosure (except eminent domain); hold, manage, and dispose of property; and enter into intergovernmental agreements.

Provides expedited confirm and quiet title procedures allowing authorities to vest clear title through court action with notice by certified mail, property posting, and publication; judgment vests absolute fee simple title and extinguishes existing liens and interests except recorded easements and deed restrictions.

Authorizes authorities to borrow money and issue bonds and notes maturing within 30 years, secured by authority revenues; allows municipalities and counties to pledge limited or unlimited tax backing for bonds.

Prohibits authorities from levying taxes, using eminent domain, funding casino development, or assisting with casino operations; exempts authority property, income, and operations from state and local taxation.