MS HB1549

Creates the Hotel Renovation Projects Sales Tax Incentive Fund to provide incentive payments to entities that repair and renovate hotels with minimum expenditures of $2,000,000 and at least $10,000 per guest room.

Authorizes the Mississippi Development Authority (MDA) to issue certificates to approved participants and make semiannual incentive payments equal to 25% of sales tax revenue collected from guest room rentals and conference room operations.

Limits incentive payments to a maximum of 20% of approved project costs or 10 years from commencement, whichever occurs first; requires independent third-party verification of all project costs.

Allocates 25% of sales tax revenue collected from approved hotel projects (after required diversions) into the Hotel Renovation Projects Sales Tax Incentive Fund, effective August 15, 2013.

Requires applicants to submit a $1,000 application fee and detailed project plans to the MDA for qualification review and certificate issuance as an approved participant.