SB 2769 — Ad valorem tax; exempt property owned by a university or community college foundation or federally qualified health center.

No.

2769 *SS08/R454* ~ OFFICIAL ~ 22/SS08/R454 PAGE 6(icj\tb) converted to a new service for use outside the boundaries of this state;

A vessel exempt from taxation under subparagraph (iii) of this paragraph (z) may not be exempt for a periodS. of more than three (3) years unless the board of supervisors of the county and/or governing authorities of the municipality, as the case may be, in which the vessel would otherwise be taxable adopts a resolution or ordinance authorizing the extension of the exemption and setting a maximum period for the exemption.

(v) As used in this paragraph (z), the term "vessel" includes ships, offshore drilling equipment, dry docks, S.

2769 *SS08/R454**SS26/R454SG* ~ OFFICIAL ~ 22/SS08/R45422/SS26/R454SG PAGE 7(icj\tb)7 boatsperiod andof barges,more exceptthan watercraftthree (3) years unless the board of everysupervisors kindof andthe charactercounty usedand/or governing authorities of the municipality, as the case may be, in connectionwhich withthe gamingvessel operations.would otherwise be taxable adopts a resolution or ordinance authorizing the extension of the exemption and setting a maximum period for the exemption.

(v) As used in this paragraph (z), the term "vessel" includes ships, offshore drilling equipment, dry docks, boats and barges, except watercraft of every kind and character used in connection with gaming operations.

(ee)S. All vessels while in the hands of bona fide dealers as merchandise and which are not being operated upon the waters of this state shall be exempt from ad valorem taxes.

As used in this paragraph, the terms "vessel" and "waters of this state" shall have the meaning ascribed to such terms in Section 59-21-3.

(ff) All property, real or personal, owned by a nonprofit organization that:

(i) is qualified as tax exempt under S.

2769 *SS08/R454**SS26/R454SG* ~ OFFICIAL ~ 22/SS08/R45422/SS26/R454SG PAGE 8(icj\tb)8 Section(ee) 501(c)(4)All ofvessels thewhile Internalin Revenuethe Codehands of 1986,bona fide dealers as amended;merchandise and which are not being operated upon the waters of this state shall be exempt from ad valorem taxes.

As used in this paragraph, the terms "vessel" and "waters of this state" shall have the meaning ascribed to such terms in Section 59-21-3.

(ff) All property, real or personal, owned by a nonprofit organization that:

(i) is qualified as tax exempt under Section 501(c)(4) of the Internal Revenue Code of 1986, as amended;

(gg) If a municipality changes its boundaries so as to include within the boundaries of such municipality the project site of any project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi) or Section 57-75-5(f)(xxviii) or Section 57-75-5(f)(xxix), all real and personal property located on the project site within the boundaries of such municipality that is owned by a business enterprise operating such project, shall be exempt from ad valorem taxation for a period of time not to exceed thirtyS. (30) years upon receiving approval for such exemption by the Mississippi Major Economic Impact Authority.

The provisions of this paragraph shall not be construed to authorize a breach of any agreement entered into pursuant to Section 21-1-59.

(hh) All leases, lease contracts or lease agreements (including, but not limited to, subleases, sublease contracts and sublease agreements), and leaseholds or leasehold interests (including, but not limited to, subleaseholds and subleasehold S.

2769 *SS08/R454**SS26/R454SG* ~ OFFICIAL ~ 22/SS08/R45422/SS26/R454SG PAGE 9(icj\tb)9 interests),thirty of(30) oryears withupon respectreceiving toapproval any and all property (real, personal or mixed) constituting all or any part of a facility for thesuch manufacture,exemption production,by generation, transmission and/or distribution of electricity, and any real property related thereto, shall be exempt from ad valorem taxation during the periodMississippi asMajor theEconomic UnitedImpact StatesAuthority. is both the title owner of the property and a sublessee of or with respect to the property;

The provisions of this paragraph shall not be construed to authorize a breach of any agreement entered into pursuant to Section 21-1-59.

(hh) All leases, lease contracts or lease agreements (including, but not limited to, subleases, sublease contracts and sublease agreements), and leaseholds or leasehold interests (including, but not limited to, subleaseholds and subleasehold interests), of or with respect to any and all property (real, personal or mixed) constituting all or any part of a facility for the manufacture, production, generation, transmission and/or distribution of electricity, and any real property related thereto, shall be exempt from ad valorem taxation during the period as the United States is both the title owner of the property and a sublessee of or with respect to the property;

(ii) All property, real, personal or mixed, including fixtures and leaseholds, used by Mississippi nonprofit entities qualified, on or before January 1, 2005, under Section 501(c)(3) of the Internal Revenue Code to provide support and operate technology incubators for research and development start-up companies, telecommunication startup companies and/or other technology startup companies, utilizing technology spun-off from research and development activities of the public colleges and universities of this state, State of Mississippi governmental S.

2769 *SS08/R454**SS26/R454SG* ~ OFFICIAL ~ 22/SS08/R45422/SS26/R454SG PAGE 10(icj\tb)10 qualified, on or before January 1, 2005, under Section 501(c)(3) of the Internal Revenue Code to provide support and operate technology incubators for research and development start-up companies, telecommunication startup companies and/or other technology startup companies, utilizing technology spun-off from research and development activities of the public colleges and universities of this state, State of Mississippi governmental research or development activities resulting therefrom located within the State of Mississippi.

(ll) Equipment brought into the state temporarily for use during a disaster response period as provided in Sections 27-113-1 through 27-113-9 and subsequently removed from the state onS. or before the end of the disaster response period as defined in Section 27-113-5.

(mm) For any lease or contractual arrangement to which the Department of Finance and Administration and a nonprofit corporation are a party to as provided in Section 39-25-1(5), the nonprofit corporation shall, along with the possessory and leasehold interests and/or real and personal property of the S.

2769 *SS08/R454**SS26/R454SG* ~ OFFICIAL ~ 22/SS08/R45422/SS26/R454SG PAGE 11(icj\tb)11 corporation,on beor exemptbefore fromthe allend adof valorem taxation, including, but not limited to, school, city and county ad valorem taxes, for the termdisaster orresponse period ofas timedefined stated in theSection lease27-113-5. or contractual arrangement.

(mm) For any lease or contractual arrangement to which the Department of Finance and Administration and a nonprofit corporation are a party to as provided in Section 39-25-1(5), the nonprofit corporation shall, along with the possessory and leasehold interests and/or real and personal property of the corporation, be exempt from all ad valorem taxation, including, but not limited to, school, city and county ad valorem taxes, for the term or period of time stated in the lease or contractual arrangement.

2769 *SS08/R454**SS26/R454SG* ~ OFFICIAL ~ 22/SS08/R45422/SS26/R454SG ST:

exempt property owned by a PAGE 12(icj\tb)12 university foundation.or community college foundation or federally qualified health center.