Senate Bill 3033

AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF TUNICA COUNTY, MISSISSIPPI, TO DESIGNATE PROJECTS AS TRANSFORMATIVE RENEWABLE ENERGY PROJECTS; TO PROVIDE THE ASSESSMENT RATIO FOR PROPERTY OWNED BY TRANSFORMATIVE ENERGY PROJECTS; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) As used in this section:

(a) "County" means Tunica County, Mississippi.

(b) "Board" means the board of supervisors of the county.

(c) "Transformative renewable energy project" or "project" means a project that proposes to invest at least One Hundred Million Dollars ($100,000,000.00) in generating renewable energy within the county and that has been designated as such by resolution of the board duly spread on its minutes.

(2) Notwithstanding the provisions of Section 27-35-4, Mississippi Code of 1972, that fix the assessment ratio of property for ad valorem tax purposes, property owned by a designated transformative renewable energy project in the county shall be assessed at eight percent (8%) of true value for ad valorem taxes. Such assessment ratio shall be used in calculating any payments under a fee-in-lieu of ad valorem taxes agreement under Section 27-31-104, Mississippi Code of 1972.

(3) The assessment ratio established under this section shall remain in full force and effect for any designated transformative renewable energy projects in the county for as long as any fee-in-lieu of ad valorem taxes agreement between the project and the county remain in effect.

(4) The authority of the board to designate transformative renewable energy projects shall expire on December 31, 2022.

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