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MS SB2372
Bill
Status
Failed
3/28/2012
Primary Sponsor
Haskins Montgomery
Click for details
AI Summary
- Authorizes county boards of supervisors and municipal authorities to grant a fee-in-lieu of ad valorem taxes for private correctional facilities with a minimum capital investment of $50,000,000.
- Requires the Mississippi Development Authority to negotiate and give final approval for all fee-in-lieu agreements.
- Establishes minimum fee-in-lieu at one-third (1/3) of the ad valorem tax levy, including school district taxes, with agreements lasting no more than 10 years.
- Allows fees to be structured as either a stated fraction/percentage of ad valorem taxes or a fixed dollar amount, whichever is higher.
- Takes effect July 1, 2012.
Legislative Description
Ad valorem taxation; authorize a fee-in-lieu of ad valorem taxes for certain private correctional facility projects.
Last Action
Died In Committee
3/28/2012
Full Bill Text
No bill text available