AN ACT TO AMEND SECTION 27-7-30, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE INCOME TAX EXEMPTION FOR INCOME ARISING FROM CERTAIN DATA CENTER PROJECTS SHALL NOT APPLY TO ANY CALENDAR YEAR AFTER CALENDAR YEAR 2026; TO AMEND SECTION 57-75-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM PROJECT UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 27-31-104, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT FOR ANY PROJECT WITH A CAPITAL INVESTMENT IN EXCESS OF $2,000,000,000.00 FOR WHICH A FEE-IN-LIEU OF AD VALOREM TAX AGREEMENT IS ENTERED INTO AFTER JULY 1, 2026, A PORTION OF THE SUM ALLOWED AS A FEE-IN-LIEU ON THE PORTION OF THE PROJECT IN EXCESS OF $1,000,000,000.00 SHALL BE DEPOSITED INTO THE MISSISSIPPI STRATEGIC DEVELOPMENT FUND CREATED IN THIS ACT; TO EXTEND THE DATE OF THE REVERTER ON THE SECTION OF LAW; TO CREATE THE "MISSISSIPPI STRATEGIC DEVELOPMENT FUND" AS A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THE PURPOSES FOR WHICH MONIES IN THE FUND SHALL BE EXPENDED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, UPON APPROPRIATION BY THE LEGISLATURE TO BRING FORWARD SECTION 27-31-105, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES COUNTY BOARDS OF SUPERVISORS AND MUNICIPAL AUTHORITIES TO GRANT A FEE-IN-LIEU OF AD VALOREM TAXES FOR EXPANSIONS OF FACILITIES OR PROPERTIES, FOR THE PURPOSES OF POSSIBLE AMENDMENT; TO AMEND SECTION 19-9-151, 19-9-153 AND 19-9-155, MISSISSIPPI CODE OF 1972, TO REVISE THE DISTRIBUTION OF PAYMENTS MADE BY A NUCLEAR GENERATING PLANT IN-LIEU OF AD VALOREM TAXES; TO AMEND SECTION 27-35-309, MISSISSIPPI CODE OF 1972, TO REVISE THE FORMULA PROVIDING FOR THE ALLOCATION OF THE PROCEEDS OF THE NUCLEAR IN-LIEU TAX PAID TO THE DEPARTMENT OF REVENUE BY THE GRAND GULF NUCLEAR POWER PLANT; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-30, 57-75-5, 27-31-104, 27-31-105, 19-9-151, 19-9-153, 19-9-155, 27-35-309