MississippiSB 32292026 Regular SessionSenateWALLET

Bonds; authorize revenue bonds to be issued to pay for damage to electric utilities caused by the 2026 winter storm.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 3 benefits, 1 costs, 0 mixed.

Storm bonds fund utility repairs

The law lets an affected electric utility seek bonds to pay approved costs from the winter storm that began January 23, 2026. FEMA declared a major disaster on February 6, 2026. Approved restoration costs are capped at $275 million, with certain issuance, debt-refinancing, and related costs excluded from the cap. The utility must petition within 180 days after the law takes effect, and the commission must find the financing is expected to lower overall costs or limit customer rate impacts. Bonds can last up to 25 years and are not state debt; bond money is limited to the approved restoration financing.

Electric customers pay a storm charge

A utility with an approved financing order must add a separate, nonbypassable storm-restoration charge to covered electric bills. It applies to current and future customers connected to the utility’s facilities, including customers who buy power from another supplier. The charge starts when bonds are issued and can be adjusted to support timely payments. It can remain in place until the bonds and approved costs are paid; after bond retirement, the utility must ask the commission to decide whether collection should stop. The law does not set the charge amount.

Mississippi bond income is tax-free

Bonds issued under this law and income from those bonds are exempt from Mississippi taxes. The law does not state how much tax a bondholder saves.

Utilities pay less tax on charges

Utilities do not count storm-restoration charges when calculating certain state sales taxes or franchise fees. This lowers the tax or fee base for affected utilities. The law does not say whether this changes household electric bills.

Sponsors & Cosponsors

Sponsor

Josh Harkins
Republican • Senate

Cosponsors

Derrick T. Simmons
Democratic • Senate
Sarita Simmons
Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 337 • No: 0

House vote • 3/29/2026

Conference Report Adopted

Yes: 121 • No: 0

Senate vote • 3/29/2026

Conference Report Adopted

Yes: 50 • No: 0

House vote • 3/17/2026

Passed As Amended

Yes: 116 • No: 0

Senate vote • 2/25/2026

Passed