“Because of this investment, if there were no exemption whatsoever whether school or county, Mississippi Power would’ve had to pay $184 million in taxes over the next 10 years,” Freeland said. “The county exempted $63 million of the $184 million, which provides a break to Mississippi Power, and the county takes in new revenue. The board felt this was a fair and justified agreement and the county wanted to give the company the opportunity to build that stack to make that investment, otherwise, they wouldn’t have.”
Over the next 10 years, the county will receive $61 million in new tax revenue, while the school district will receive $59 million of new tax revenue. Mississippi Power will also receive a tax break because of their investment, according to Freeland.
While Mississippi Power did not receive the full tax break they were hoping for, the company wanted to reassure residents of Jackson County that they are fully committed to providing them with the lowest rates possible.