HB 1635

AN ACT TO AMEND SECTION 27-31-104, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT FOR ANY PROJECT WITH A CAPITAL INVESTMENT IN EXCESS OF $1,000,000,000.00 FOR WHICH A FEE-IN-LIEU OF AD VALOREM TAX AGREEMENT IS ENTERED INTO AFTER JULY 1, 2026, A PORTION OF THE SUM ALLOWED AS A FEE-IN-LIEU ON THE PORTION OF THE PROJECT IN EXCESS OF $1,000,000,000.00 SHALL BE DEPOSITED INTO THE MISSISSIPPI STRATEGIC DEVELOPMENT FUND CREATED IN THIS ACT; TO EXTEND THE DATE OF THE REVERTER ON THE SECTION OF LAW; TO CREATE THE "MISSISSIPPI STRATEGIC DEVELOPMENT FUND" AS A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THAT MONIES IN THE FUND SHALL BE EXPENDED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, UPON APPROPRIATION BY THE LEGISLATURE, TO PROVIDE ASSISTANCE RELATED TO PROJECTS IN MISSISSIPPI FOR MAKING STRATEGIC INFRASTRUCTURE INVESTMENTS, FURTHERING ECONOMIC DEVELOPMENT AND MAKING QUALITY OF LIFE IMPROVEMENTS STATEWIDE; TO BRING FORWARD SECTION 27-31-105, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES COUNTY BOARDS OF SUPERVISORS AND MUNICIPAL AUTHORITIES TO GRANT A FEE-IN-LIEU OF AD VALOREM TAXES FOR EXPANSIONS OF FACILITIES OR PROPERTIES, FOR THE PURPOSES OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.