MS SB2697

Amends Section 27-31-1 of Mississippi Code to revise tax exemption provisions for property belonging to entities wholly owned and controlled by education foundations.

Property of entities owned by foundations supporting state universities, community colleges, or nonprofit universities remains exempt from taxation only if the property is not leased or otherwise used to generate revenue outside of benefiting the affiliated institution.

Adds underlined language to clarify that foundation-owned entities' property loses tax-exempt status if used to generate revenue not exclusively benefiting the supported educational institution.

Effective date is July 1, 2024.