MS SB2862

Brings forward three existing Mississippi Code sections (21-1-59, 27-31-1, and 57-75-5) for possible amendment without making substantive changes to the current law

Section 21-1-59 governs municipal boundary changes, requiring written consent from state institutions before annexation and allowing municipalities to enter up to 30-year agreements with major economic impact projects regarding annexation

Section 27-31-1 contains extensive property tax exemptions covering cemeteries, religious and charitable organizations, farm products, household items, livestock, and properties related to major economic impact projects defined in Section 57-75-5

Section 57-75-5 defines "project" under the Mississippi Major Economic Impact Act, establishing thresholds such as $300 million minimum capital investment, or $150 million with 1,000+ new jobs, or projects creating 1,000+ jobs at 125% of average state wages

Major economic impact projects qualifying under specific subsections (f)(iv)1, (f)(xxi), (f)(xxviii), or (f)(xxix)) may receive up to 30 years of ad valorem tax exemption with Mississippi Major Economic Impact Authority approval