MS HB794

Creates the Hotel Renovation Projects Sales Tax Incentive Fund to provide incentive payments to approved participants who repair and renovate hotels with minimum expenditures of $500,000.00 (including at least $10,000.00 per guest room or suite).

Authorizes the Mississippi Development Authority to administer the program and issue certificates to approved participants, requiring a $1,000.00 application fee and independent third-party verification of all project costs.

Provides incentive payments equal to 25% of sales tax revenue collected from guest room rentals and conference room operations, capped at 20% of total approved project costs or ending after 10 years, whichever occurs first.

Amends Section 27-65-75 to deposit 25% of sales tax revenue from approved hotel projects into the Hotel Renovation Projects Sales Tax Incentive Fund (after other required diversions) beginning August 15, 2012.

Requires the MDA to use no more than 1% of fund interest earnings for program administration, with unexpended balances remaining in the fund rather than reverting to the General Fund.