Senate Bill 2371 Summary

• Increases the broadband speed requirement for ad valorem tax exemption from 384 kilobits per second to 25 megabits per second download and 3 megabits per second upload, aligning with current FCC standards.

• Limits the tax exemption to Tier 2 and Tier 3 counties as defined by the Mississippi Department of Revenue, and restricts eligible providers to those offering fiber, cable, DSL, or fixed wireless access (FWA) services.

• Caps fixed wireless access equipment exemption at 30% of total asset cost per FWA site and requires providers to submit subscriber lists to county tax assessors for audit verification of coverage and speeds.

• Makes exemptions effective for equipment placed in service after June 30, 2003, and before July 1, 2025, with a 10-year tax exemption period after equipment placement.

• Brings forward Section 57-73-21 (job tax credit provisions) for potential amendment, with provisions for various business enterprises in different county tiers.