MS HB779

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

MDA payments to approved participants equal 80% of sales tax revenue collected from tourism project operations and cannot exceed 30% of approved project costs incurred by the participant.

MDA ceases payments when either 30% of approved project costs have been paid to the participant or 15 years after commercial operation begins, whichever occurs first.

MDA must notify the Department of Revenue when incentive payments end, at which point sales tax revenue from that project is no longer deposited into the Tourism Project Sales Tax Incentive Fund and remaining amounts transfer to the State General Fund.

Effective date: July 1, 2012.