MS SB2866

Brings forward Section 27-31-104, Mississippi Code of 1972, relating to fee-in-lieu of ad valorem tax agreements with no substantive changes to current law through June 30, 2022.

Authorizes county boards and municipal authorities to grant fee-in-lieu agreements replacing ad valorem taxes (including school taxes) for qualifying enterprises with minimum capital investments of $60 million to $100 million depending on project type.

Requires fee-in-lieu agreements to be written, negotiated between the enterprise and local government, and approved by the Mississippi Development Authority.

Sets minimum fee-in-lieu at one-third of ad valorem taxes otherwise payable, with apportionment to school districts based on their pro rata share of the millage rate, and limits individual property exemptions to 10 years maximum.

Effective July 1, 2020, with a technical revision effective July 1, 2022 changing "debt service" to "annual debt service" in subsection (9) regarding bond payment obligations.