MS HB705

Repeals the ad valorem tax exemption for nuclear generating plants owned or operated by public utilities, effective July 1, 2024.

Brings forward multiple sections of Mississippi Code related to in-lieu tax payments, county road and bridge taxes, school district funding, and the Grand Gulf Disaster Assistance Trust Fund for potential amendment.

Current law requires nuclear plant operators to make in-lieu payments to the state based on 2% of assessed value, with minimum annual payments of $20 million distributed to Claiborne County, Port Gibson, and other counties and municipalities based on electricity consumption.

Maintains existing provisions allowing counties and school districts to reduce ad valorem tax levies proportionally when nuclear plant tax revenue decreases by 5% or more.