MS SB2251

Amends Mississippi Code Section 27-31-15 to eliminate ad valorem tax exemptions for electric generating facilities purchased by nonprofit cooperative electric power associations from for-profit entities on or after January 1, 2012.

Maintains existing ad valorem tax exemptions for nonprofit cooperative electric power associations on property used in their business operations, including office buildings, warehouses, equipment, and distribution/transmission lines.

Clarifies that municipal ad valorem taxes apply to real estate owned by these associations within municipal corporate limits and to transmission/distribution lines that do not purchase electricity from federal agencies.

Preserves existing exemptions from franchise, privilege, net income, and excise taxes for nonprofit cooperative electric power associations, while continuing to exclude exemptions for gas taxes, motor vehicle taxes, and sales/use taxes.

Takes effect upon passage.