Senate Bill 3031

AN ACT TO AMEND SECTION 27-35-12, MISSISSIPPI CODE OF 1972, TO EXEMPT INTANGIBLES OF A BANK OR BANKING ASSOCIATION FROM AD VALOREM TAXATION; TO REPEAL SECTIONS 27-35-35, 27-35-37 AND 27-35-39, MISSISSIPPI CODE OF 1972, WHICH PROVIDE FOR THE AD VALOREM TAXATION OF THE INTANGIBLES OF A BANK OR OF THE CAPITAL TO THE OWNER THEREOF IN CASE THE BANK IS NOT A CORPORATION OR JOINT-STOCK COMPANY, ARE REPEALED; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-35-12, Mississippi Code of 1972, is amended as follows:

27-35-12. Except as otherwise provided in this section, the personal property of a bank or banking association shall be assessed and shall be liable for county, district and municipal ad valorem taxes, and every bank shall pay such ad valorem taxes at the time and in the manner provided by law. Intangibles of a bank shall be exempt from ad valorem taxation.

SECTION 2. Sections 27-35-35, 27-35-37 and 27-35-39, Mississippi Code of 1972, which provide for the ad valorem taxation of the intangibles of a bank or of the capital to the owner thereof in case the bank is not a corporation or joint-stock company, are repealed.

SECTION 3. This act shall take effect and be in force from and after July 1, 2017.