MS HB1162

Creates the Hotel Renovation Projects Sales Tax Incentive Fund to provide incentive payments to approved participants that repair and renovate hotels with minimum expenditures of $2,000,000 and at least $10,000 per guest room.

Incentive payments equal 25% of sales tax revenue collected from guest room and conference room rentals at approved projects, capped at 20% of total approved project costs and payable for the earlier of 10 years or until the 20% cap is reached.

Requires the Mississippi Development Authority to administer the program, approve applicants for $1,000 application fee, and verify all project costs through independent third-party verification at the applicant's expense.

Deposits 25% of sales tax revenue from qualifying hotel operations into the incentive fund after specified diversions, with unexpended amounts retained in the fund and up to 1% of interest earnings available for program administration.

Effective July 1, 2011 and repealed June 30, 2021, creating a 10-year sunset provision for the incentive program.