MS HB627

Amends Section 27-31-1 of Mississippi Code to clarify the ad valorem tax exemption for property belonging to university, college, community college, and junior college foundations.

Requires that exempt foundation property must be used exclusively and directly for educational and outreach purposes and cannot be leased or otherwise used to generate revenue.

Applies the restriction to property belonging to entities wholly owned and controlled by such foundations, not just the foundations themselves.

Takes effect July 1, 2023.