MS HB1010

Creates the Hotel Renovation Projects Sales Tax Incentive Fund to provide incentive payments to approved participants who repair and renovate hotels meeting minimum expenditure requirements of $500,000 ($10,000 per guest room or suite).

Provides incentive payments equal to 25% of sales tax revenue collected from guest room rentals and conference room operations, with maximum aggregate payments capped at 20% of approved project costs.

Incentive payments cease upon the earlier of: reaching 20% of approved project costs or 10 years after payments begin.

Requires the Mississippi Development Authority to administer the program, approve participants through certificate issuance, and collect a $1,000 application fee.

Amends Mississippi Code Section 27-65-75 to deposit 25% of applicable sales tax revenue into the Hotel Renovation Projects Sales Tax Incentive Fund after specified diversions, effective August 15, 2013.