MS HB1544

Adds new exemption (oo) to Mississippi Code Section 27-31-1 to exempt all real and personal property belonging to foundations organized as nonprofit corporations that are exempt under Section 501(c)(3) of the Internal Revenue Code and receive, invest, and administer private support for state institutions of higher learning.

Extends the exemption to include all property owned by entities that are wholly owned and controlled by such foundations.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens for taxes accrued before the effective date of the act.

Takes effect January 1, 2022.