Bill Text: MS SB2895 | 2021 | Regular Session | Enrolled

Mississippi Senate Bill 2895 (Prior Session Legislation)

Bill Title: Ad valorem taxation; allow county to exempt up to 50% of assessed value of renewable energy project property from.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2021-04-16 - Approved by Governor [SB2895 Detail]

Download: Mississippi-2021-SB2895-Enrolled.html

MISSISSIPPI LEGISLATURE

2021 Regular Session

To: Finance

By: Senator(s) Suber, Jackson (11th), Jordan

Senate Bill 2895

(As Sent to Governor)

AN ACT TO ALLOW A COUNTY BOARD OF SUPERVISORS TO EXEMPT FROM AD VALOREM TAXATION THE PROPERTY OF A RENEWABLE ENERGY PROJECT, UP TO AN AMOUNT NOT TO EXCEED 50% OF THE TOTAL ASSESSED VALUE OF THE PROJECT; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) As used in this section, "project" means a facility, placed in operation after the effective date of this act, generating energy through the use of a renewable energy source such as wind, water, biomass or solar.

(2) In any project with a capital investment from private sources of not less than One Hundred Million Dollars ($100,000,000.00), all property, whether real, personal or mixed, including fixtures and leaseholds utilized in the project, including, but not limited to, operational and environmental property utilized in the project, may be exempted by the county board of supervisors from ad valorem taxation up to an amount not to exceed fifty percent (50%) of the total assessed value of the project.

SECTION 2. This act shall take effect and be in force from and after its passage.