MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Finance

By: Senator(s) Minor

AN ACT TO AMEND SECTION 27-31-104, MISSISSIPPI CODE OF 1972, TO CLARIFY THE MINIMUM AMOUNT OF FEES IN LIEU OF TAXES THAT BOARDS OF SUPERVISORS AND MUNICIPAL AUTHORITIES MAY GRANT TO CERTAIN PROJECTS; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 27-31-104, Mississippi Code of 1972, is amended as follows:

27-31-104. County boards of supervisors and municipal authorities are hereby authorized and empowered to grant a fee in lieu of taxes, including taxes levied for school purposes, for projects totaling over One Hundred Million Dollars ($100,000,000.00). In addition to those new enterprises enumerated in Section 27-31-101, Mississippi Code of 1972, the term "projects," as used in this section, shall include a private company (as such term is defined in Section 57-61-5, Mississippi Code of 1972) having a minimum capital investment of One Hundred Million Dollars ($100,000,000.00).

The fee in lieu shall be negotiated by and given final approval by the Department of Economic Development.

The minimum sum allowable as a fee in lieu shall not be less than one-third (1/3) of each annual ad valorem levy during the term of the agreement granting the fee in lieu, including ad valorem taxes for school district purposes, and the sum allowed shall be apportioned between the county or municipality, as appropriate, and the school districts in such amounts as may be determined by the county board of supervisors or municipal governing authority, as the case may be, however, from the sum allowed the apportionment to school districts shall not be less than the school districts' pro rata share based upon the proportion that the millage imposed for the school districts by the appropriate levying authority bears to the millage imposed by such levying authority for all other county or municipal purposes. The agreement shall be for a term of not more than ten (10) years.

SECTION 2. This act shall take effect and be in force from and after July 1, 2000.