MS SB2679

Creates the Hotel Renovation Projects Sales Tax Incentive Fund administered by the Mississippi Development Authority to provide incentive payments to approved hotel renovation participants.

Requires hotels to have minimum expenditures of $2,000,000 for repairs, renovations, and improvements, with at least $10,000 per guest room or suite, to qualify as an approved project.

Provides incentive payments equal to 25% of sales tax revenue collected from guest room rentals and conference room operations, capped at 20% of approved project costs, paid semiannually over a maximum of 10 years.

Deposits 25% of applicable sales tax revenue into the incentive fund after required diversions to education and roads, with remaining fund balances transferred to the General Fund when a project's incentive period ends.

Effective July 1, 2012; requires applicants to submit $1,000 application fee and project plans to MDA for certification as an approved participant.