HB 1070 Summary

• Brings forward Section 27-31-104 to authorize county boards of supervisors and municipal authorities to enter into fee-in-lieu of ad valorem taxes agreements with enterprises for qualifying projects, with changes effective July 1, 2022.

• Removes qualification for qualified businesses meeting minimum criteria established by Mississippi Development Authority from the post-July 1, 2022 version of Section 27-31-104, reducing eligible project categories from five to four.

• Changes subsection (9) language to reference "annual debt service" instead of "debt service" for projects defined in Section 57-75-5(f)(xxviii), effective July 1, 2022.

• Brings forward Section 27-31-105 to allow additions, expansions, or replacements of enterprise facilities to qualify for exemptions from ad valorem taxation or fee-in-lieu arrangements under the same conditions as new projects.

• Takes effect July 1, 2021.