MS HB1260

Increases the maximum period for Mississippi Development Authority (MDA) payments from the Tourism Project Sales Tax Incentive Fund to approved participants from 10 years to 15 years after a tourism project opens for commercial operation.

MDA payments to approved participants remain capped at 80% of sales tax revenue collected from tourism project operations and cannot exceed 30% of approved project costs.

Payments cease upon the earlier occurrence of either reaching 30% of approved project costs or 15 years after the tourism project begins commercial operation.

When payments are no longer required, the MDA must notify the Department of Revenue and any remaining fund amounts collected from that project transfer to the State General Fund.

Effective date: July 1, 2012.