Post by Logan on Feb 24, 2017 16:26:39 GMT -6
JACKSON (AP) – Mississippi senators want more industrial projects to qualify for property tax breaks.
Senate Bill 2939, which passed the Mississippi Senate on 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.
Read more: djournal.com/news/senate-bill-cut-property-taxes-industries/
Senate Bill 2939, which passed the Mississippi Senate on 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.
Read more: djournal.com/news/senate-bill-cut-property-taxes-industries/