Ad valorem tax; extend deadlines for 50% exemption and lower fee-in-lieu minimum for certain projects and qualified businesses.

Tax breaks for qualifying businesses

Starting July 1, 2026, local governments may make fee-in-lieu agreements with qualified businesses through June 30, 2028. Businesses must meet minimum criteria set by the Mississippi Development Authority. For projects eligible for a property tax exemption, the minimum fee drops from one-third to one-tenth of the property taxes otherwise due when the agreement is made before July 1, 2030. Local governments may also exempt 50% of qualifying project property from property taxes for 10 years after the fee-in-lieu ends. Construction must start from July 1, 2022, through December 31, 2031, and local approval must happen before July 1, 2030.