Senate bill would cut property taxes for more industries

JACKSON, Miss. (AP) – Mississippi senators want more industrial projects to qualify for property tax breaks.

Senate Bill 2939, which passed the Mississippi Senate 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.