Senate bill would cut property taxes for more industries
Mississippi senators want more industrial projects to qualify for property tax breaks.
Senate Bill 2939, which passed the Mississippi Senate Tuesday, lowers the threshold to qualify for a fee in lieu of taxes from $100 million to $60 million.
Under such an arrangement, the Mississippi Development Authority negotiates a tax rate as low as one-third of normal taxes, for up to 10 years. The breaks had been reserved for very expensive developments.
Senate Finance Committee Chairman Joey Fillingane, a Sumrall Republican, says lawmakers should lower the cap, but isn't sure of the right level. The bill originally set a $25 million threshold, but Fillingane says that's too low.
Sen. Angela Burks Hill of Picayune and Sen. Chris McDaniel of Ellisville voted present. All other senators supported the bill.