Senate Bill 2200

AN ACT TO REQUIRE THE STATE OF MISSISSIPPI TO PROVIDE FUNDS TO THE CITY OF JACKSON, MISSISSIPPI, AS PAYMENT IN LIEU OF AD VALOREM TAXES FOR THE PURPOSE OF ASSISTING THE CITY TO DEFRAY THE AD VALOREM TAX LOSS THE CITY SUSTAINS AS A RESULT OF STATE OWNERSHIP OF PROPERTY IN THE CITY AND TO DEFRAY CERTAIN COSTS THE CITY INCURS AS A RESULT OF BEING THE SEAT OF GOVERNMENT; TO PROVIDE THAT THE AMOUNT OF THE ANNUAL PAYMENT SHALL BE EQUAL TO 50% OF THE AD VALOREM TAX REVENUE THAT WOULD BE DUE EACH CALENDAR YEAR ON ALL STATE-OWNED PROPERTY WITHIN THE CITY LIMITS OF JACKSON IF THE PROPERTY WERE NOT EXEMPT FROM AD VALOREM TAXATION; TO PROVIDE THE PURPOSES FOR WHICH THE FUNDS MAY BE USED; AND FOR RELATED PURPOSES.

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

SECTION 1. The State of Mississippi shall provide funds each fiscal year to the City of Jackson, Mississippi, as a payment in lieu of ad valorem taxes for the purpose of assisting the city to defray the ad valorem tax loss the city sustains as a result of state ownership of property in the city exempt from ad valorem taxation pursuant to Section 27-31-1(b), and for defraying increased infrastructure and law enforcement and other public safety costs the city incurs as a result of being the seat of state government. The amount of the annual payment made pursuant to this section shall be equal to fifty percent (50%) of the ad valorem tax revenue that would be due each calendar year on all state-owned property within the city limits of Jackson if the property were not exempt from ad valorem taxation. Funds appropriated to the City of Jackson under this section shall be utilized by the city for road maintenance and for law enforcement purposes.

SECTION 2. This act shall take effect and be in force from and after July 1, 2011.