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Bill > HB708

MS HB708

Nuclear generating plants; repeal provisions of law that provides ad valorem tax exemption for.

summary

Introduced
01/15/2025
In Committee
01/15/2025
Crossed Over
Passed
Dead
02/26/2025

Introduced Session

2025 Regular Session

Bill Summary

An Act To Amend Section 27-35-309, Mississippi Code Of 1972, To Repeal The Provision Of Law That Exempts From Ad Valorem Taxation Any Nuclear Generating Plant Located In The State Which Is Owned Or Operated By A Public Utility Rendering Electric Service Within The State And Which Is Not Owned Or Operated By An Instrumentality Of The Federal Government, And That Provides For Such A Public Utility To Make Payments In Lieu Of Ad Valorem Taxes; To Bring Forward Sections 19-9-151, 19-9-153, 19-9-155 And 19-9-157, Mississippi Code Of 1972, Which Relate To In-lieu Payments To Counties In Which Nuclear Generating Plants Are Located, For The Purposes Of Possible Amendment; To Bring Forward Section 27-39-305, Mississippi Code Of 1972, Which Authorizes Counties To Levy Ad Valorem Taxes For Maintenance And Construction Of Roads And Bridges, For The Purposes Of Possible Amendment; To Bring Forward Section 27-39-320, Mississippi Code Of 1972, Which Provides For Limitations On Increases Of Ad Valorem Tax Revenues, For The Purposes Of Possible Amendment; To Bring Forward Section 33-15-51, Mississippi Code Of 1972, Which Creates The Grand Gulf Disaster Assistance Trust Fund, For The Purposes Of Possible Amendment; To Bring Forward Section 37-57-105, Mississippi Code Of 1972, Which Authorizes And Provides The Procedure For The Levy Of Certain Ad Valorem Taxes For School District Purposes, For The Purposes Of Possible Amendment; To Bring Forward Section 37-151-87, Mississippi Code Of 1972, Which Relates To The Reduction Of Local Supplement Or Support From Ad Valorem Taxation Under The Mississippi Student Funding Formula, For The Purposes Of Possible Amendment; To Bring Forward Section 37-151-211, Mississippi Code Of 1972, Which Requires Tax Assessors To File Certain Reports With The State Department Of Education And Requires The Department To Calculate A School District's Required Minimum Millage And The Contribution To The Cost Of The Total Funding Formula Required Of Each School District And Charter School Under The Mississippi Student Funding Formula, For The Purposes Of Possible Amendment; And For Related Purposes.

AI Summary

This bill aims to repeal the ad valorem tax (property tax) exemption for nuclear generating plants in Mississippi, specifically targeting nuclear power plants owned or operated by public utilities providing electric service within the state. Currently, such nuclear plants are exempt from county, municipal, and district ad valorem taxes and instead pay an in-lieu tax to the Department of Revenue. The bill would eliminate this exemption effective July 1, 2025, which means that nuclear generating plants would become subject to regular property tax assessments like other properties. The legislation also brings forward several related sections of Mississippi Code for potential future amendment, including provisions related to in-lieu payments to counties, tax levy limitations, and school district funding. By repealing the tax exemption, the bill could potentially increase local tax revenues for counties and municipalities where nuclear generating plants are located, shifting the financial landscape for these power generation facilities. The delayed effective date of July 1, 2025, provides advance notice to affected utilities and local governments, allowing time for planning and adjustment to the new tax treatment.

Committee Categories

Transportation and Infrastructure

Sponsors (1)

Last Action

Died In Committee (on 02/26/2025)

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