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MS HB555
Bill
Status
Failed
2/3/2026
Primary Sponsor
Lee Yancey
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AI Summary
- Prohibits state tax exemptions on forest and agricultural land for nonresident aliens (individuals, foreign governments, and foreign-owned entities) and federally tax-exempt entities not primarily benefiting Mississippi residents
- Requires these entities to pay income and franchise taxes at the same rate as Mississippi business corporations, with franchise tax obligations ending January 1, 2028 when that tax repeals by existing law
- Mandates full ownership disclosure filings with the Secretary of State within 6 months of passage, including tract descriptions, owner names, addresses, and ownership percentages, with future transfers filed within 90 days
- Removes the reduced-value assessment formula for forest and agricultural land owned by covered entities, instead requiring taxation based on fair market value of raw land (excluding timber or crop values)
- Authorizes tax liens filed with Circuit Clerks on all county land owned by delinquent taxpayers when taxes are more than 180 days overdue, with fines for failure to file required ownership disclosures
Legislative Description
"Mississippi Forest and Agricultural Landowners' Fairness Act"; create.
Last Action
Died In Committee
2/3/2026
Committee Referrals
State Affairs1/13/2026
Full Bill Text
No bill text available