MS SB2194

Exempts from ad valorem taxation all property belonging to foundations organized as nonprofit corporations that are exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code and that receive, invest, and administer private support for state-supported institutions of higher learning.

Extends the exemption to any entity that is wholly owned and wholly controlled by such a foundation, treating that entity's property as belonging to the foundation.

Amends Section 27-31-1 of the Mississippi Code of 1972 by adding the foundation exemption to subsection (d), which covers property of religious, charitable, and educational organizations.

Takes effect July 1, 2022.