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MS HB1235
Bill
Status
3/27/2024
Primary Sponsor
Larry Byrd
Click for details
AI Summary
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Amends Section 27-31-1 of Mississippi Code to add restrictions on the ad valorem tax exemption for property belonging to university, college, community college, and junior college foundations.
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Exemption now applies only to property that is used exclusively and directly for educational and outreach purposes and is not leased or otherwise used to generate revenue.
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Property owned by entities wholly owned and controlled by such foundations receives the same exemption treatment, subject to the same restrictions on educational use and revenue generation.
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Effective date is July 1, 2024.
Legislative Description
Ad valorem tax; revise exemption for university, college, community or junior college foundation property.
Last Action
Died In Committee
3/27/2024