(1) As used in this section, “project” means an electric generating facility constructed after April 6, 2009, that is used or will be used by a public utility, as defined in Section 77-3-3, and a gasification process facility that is integrated with such electric generating facility that converts Mississippi feedstock, including, but not limited to lignite, to a synthesis gas which serves as a primary fuel source of the electric generating facility.
(2) In any project with a capital investment from private sources of not less than One Billion Dollars ($1,000,000,000.00), all property, real, personal, or mixed, including fixtures and leaseholds utilized in a gasification process facility, including, but not limited to, operational and environmental property, utilized in the project shall be exempt from ad valorem taxation up to an amount which shall not exceed fifty percent (50%) of the total assessed value in the project.
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