MS SB2305

Allows municipalities to grant discretionary ad valorem tax exemptions to pre-existing enterprises that become newly annexed within municipal boundaries, treating them as "new enterprises" for exemption eligibility purposes.

Sets the exemption period start date as the effective date of the annexation rather than the original enterprise completion date, enabling municipalities to grant up to 10 years of exemption from the annexation date.

Applies exemption authority to enterprises enumerated in Section 27-31-101 (warehouses, manufacturers, research facilities, data centers, telecommunications, etc.) and hotels/motels under Section 27-31-103 when located in annexed areas.

Extends fee-in-lieu of ad valorem tax authority to annexed enterprises meeting the $60 million capital investment threshold under Section 27-31-104, allowing counties and municipalities to negotiate tax payment agreements with newly annexed businesses.

Includes conforming amendments to Sections 27-31-105, 27-31-107, and 27-31-115 to reference annexed enterprises and update application procedures to reference "completion or annexation" of new enterprises.