MS HB585

Exempts from ad valorem (property) taxation all real and personal property belonging to nonprofit foundations that are 501(c)(3) tax-exempt and receive, invest, and administer private support for Mississippi state institutions of higher learning

Property owned by entities wholly owned and controlled by such qualifying foundations is also treated as belonging to the foundation and exempt from taxation

Amends Section 27-31-1 of the Mississippi Code of 1972, which lists all property exemptions from ad valorem taxation

Does not affect any tax claims, assessments, appeals, or collection actions for taxes due before the effective date

Effective date: January 1, 2022