Mississippi 2022 Regular Session

Mississippi House Bill HB1698

Introduced
2/23/22  
Refer
2/23/22  

Caption

Ad valorem tax; increase amount of exemption that a county may allow for a renewable energy project.

Impact

The enactment of HB 1698 would represent a significant change in the state's approach to supporting the renewable energy sector. By increasing the tax exemption, the bill aims to encourage investment in renewable energy projects, which could lead to the development of new facilities across Mississippi. Proponents argue that this would not only bolster the state's energy capacity but also create jobs and stimulate economic growth within local communities. The increase in the tax exemption could attract more private sector investment and promote sustainable energy practices.

Summary

House Bill 1698 aims to amend the Mississippi Code to enhance the amount of the ad valorem tax exemption that a county board of supervisors can grant for renewable energy projects. This exemption would apply to projects involving energy generation from renewable sources, including wind, water, biomass, and solar energy. Specifically, the bill proposes increasing the exemption from fifty percent (50%) to sixty percent (60%) of the total assessed value of a renewable energy project, provided the project has a significant capital investment of at least One Hundred Million Dollars.

Contention

While the bill is expected to receive support from those in favor of renewable energy initiatives, there may be points of contention regarding the fiscal implications for local governments. Critics might argue that increasing the tax exemption could limit the revenue available to counties, impacting their budgets and ability to fund other local services. Additionally, some stakeholders could express concerns about the adequacy of the current regulatory framework for ensuring that renewable energy projects are environmentally sustainable and economically viable.

Companion Bills

No companion bills found.

Previously Filed As

MS HB871

Ad valorem tax; extend time for partial exemption and fee-in-lieu of ad valorem tax agreement for certain renewable energy projects.

MS SB2698

Ad valorem tax; extend time for partial exemption and fee-in-lieu of ad valorem tax agreement for certain renewable energy projects.

MS HB1108

Taxation; authorize income tax credit for certain railroad expenditures, allow ad valorem tax exemption for certain property.

MS HB708

Nuclear generating plants; repeal provisions of law that provides ad valorem tax exemption for.

MS HB705

Nuclear generating plants; repeal provisions of law that provides ad valorem tax exemption for.

MS HB585

Ad valorem tax; exempt property of certain nonprofit corporations.

MS HB1544

Ad valorem tax; exempt property of certain nonprofit corporations.

MS SB2082

Ad valorem tax on inventory; phase in exemption for certain small businesses.

MS SB2026

Ad valorem tax on inventory; phase in exemption for certain small businesses.

MS SB2323

Ad valorem tax on inventory; phase in exemption for certain small businesses.

Similar Bills

No similar bills found.