MS SB2879

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

MDA payments to approved participants equal 80% of sales tax revenue collected from tourism project operations and are capped at 30% of approved project costs incurred by the participant.

Payments are made on a semiannual basis in January and July, and cease upon whichever occurs first: reaching the 30% cap on approved project costs or 15 years after commercial operation begins.

When incentive payments end, the MDA notifies the State Tax Commission, sales tax revenue from the project is no longer deposited into the incentive fund, and any remaining fund amounts from that project transfer to the State General Fund.

The act takes effect July 1, 2012.