HB 1276

An act to be known as the "statewide utility tax reform act"; To require nuclear fuel, nuclear fuel by-products and related materials to be subject to ad valorem taxation at the same rate as other taxable property IN mississippi; To establish a tiered distribution system for the allocation of ad valorem tax revenues collected IN a county hosting a high-risk facility, including a nuclear power plant; To require utilities operating high-risk facilities to make annual payments IN lieu of taxes (pilot) to host counties; To prescribe the amount and permissible uses of pilot payments; To require counties to allocate revenues received under this act for certain specified purposes; To require the department of revenue to oversee implementation of this act; To require annual reports; To amend section 27-31-1, mississippi code of 1972, to delete the exemption of nuclear fuel and fuel by-products from ad valorem taxation; To bring forward sections 19-9-151, 19-9-153, 19-9-155 and 19-9-157, mississippi code of 1972, which relate to in-lieu payments to counties IN which nuclear generating plants are located, for the purposes of possible amendment; To bring forward section 27-39-305, mississippi code of 1972, which authorizes counties to levy ad valorem taxes for maintenance and construction of roads and bridges, for the purposes of possible amendment; To bring forward section 27-39-320, mississippi code of 1972, which provides for limitations on increases of ad valorem tax revenues, for the purposes of possible amendment; To bring forward section 33-15-51, mississippi code of 1972, which creates the grand gulf disaster assistance trust fund, for the purposes of possible amendment; To bring forward section 37-57-105, mississippi code of 1972, which authorizes and provides the procedure for the levy of certain ad valorem taxes for school district purposes, for the purposes of possible amendment; To bring forward section 37-151-87, mississippi code of 1972, which relates to the reduction of local supplement OR support from ad valorem taxation under the mississippi student funding formula, for the purposes of possible amendment; And for related purposes.