Mississippi HB918: Nuclear generating plants; revise provisions related to distribution of payments made in lieu of ad valorem taxes.

What the bill says

An act to amend section 27-35-309, mississippi code of 1972, to revise the formula providing for the allocation of the proceeds of the nuclear in lieu tax paid to the department of revenue by the grand gulf nuclear power plant; 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; and for related purposes.

From the introduced text:

AN ACT TO AMEND SECTION 27-35-309, MISSISSIPPI CODE OF 1972, TO REVISE THE FORMULA PROVIDING FOR THE ALLOCATION OF THE PROCEEDS OF THE NUCLEAR IN LIEU TAX PAID TO THE DEPARTMENT OF REVENUE BY THE GRAND GULF NUCLEAR POWER PLANT; 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; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. Section 27-35-309, Mississippi Code of 1972, is amended as follows: 27-35-309. (1) The Department of Revenue shall, if practicable, on or before the first Monday of June of each year, make out for each person, firm, company or corporation listed in Section 27-35-303, Mississippi Code of 1972, an assessment of the company's property, both real and personal, tangible and intangible. The Department of Revenue shall apportion the assessment of value of each company's property according to the provisions of this article, except as provided in subsection (3) of this section, as follows: *HR26/R1492* H. B. No. 918 ~ OFFICIAL ~ G1/2 26/HR26/R1492 PAGE 1 (BS\KW) (a) When the property of such public service company is located in more than one (1) county in this state, the Department of Revenue …