MS SB2702

Authorizes school district boards in the Three Rivers Planning and Development District to pledge up to 40% of new ad valorem tax revenue increases to reimburse local governments for costs related to new enterprises granted tax exemptions.

Applies to projects with capital investment between $10 million and $100 million that receive ad valorem tax exemptions under Section 27-31-101.

County tax assessor must certify the assessed property value before the project begins and annually certify increases or decreases from the original valuation.

Pledged revenue remains effective until local governments are fully reimbursed for approved project costs, but cannot extend beyond the duration of the enterprise's tax exemption.

Pledges are irrevocable, and school districts must pay pledged amounts annually to local governments for reimbursement of approved costs; effective July 1, 2018.