MS HB1223

Removes the 66-2/3% ad valorem tax exemption for nuclear fuel and fuel by-products, making them subject to the same tax rate as other Mississippi property.

Establishes a tiered revenue distribution system: host counties receive 65% of ad valorem taxes from nuclear facilities, adjacent counties receive 10%, and the state general fund receives 25%.

Requires utility companies operating nuclear plants to make annual Payments in Lieu of Taxes (PILOT) of $5,000,000 base amount plus $0.01 per kilowatt-hour generated, restricted to infrastructure, emergency preparedness, and health/environmental monitoring.

Mandates host counties allocate revenues as follows: 40% for public infrastructure, 30% for education, 20% for healthcare and emergency preparedness, and 10% for economic development.

Creates Department of Revenue oversight requiring annual reporting from utilities and host counties on tax payments, PILOT contributions, electricity production, and revenue expenditures; takes effect January 1, 2026.