HB555

Mississippi Forest and Agricultural Landowners' Fairness Act aims to prevent Mississippi taxpayers from subsidizing taxes of nonresident aliens and.

The Mississippi Forest and Agricultural Landowners' Fairness Act requires nonresident aliens and federally tax-exempt entities owning or having a possessory interest in forestry and agricultural land to file full disclosure of all ownership information with the Office of the Secretary of State within six months of the act's passage. These entities must also pay the same rate of income and franchise taxes as other business corporations in the state until January 1, 2028. The act prohibits any state tax exemptions on the assessed value of forest and agricultural land to these entities.