MS HB1392

Adds operation and maintenance costs of property rights (rights-of-way, easements, or other property rights) to the definition of "cost of a redevelopment project" under the Tax Increment Financing Act, when authorized in the redevelopment plan.

Requires tax increment financing plans to reference Section 21-45-19 when stating cost estimates of redevelopment projects.

Changes references from "State Tax Commission" to "Department of Revenue" in sections governing certification of assessed values and sales tax diversions.

Clarifies that municipalities may use captured assessed value to finance costs described in Section 21-45-19 and costs of establishing reserves for revenue bonds.

Effective date: July 1, 2014.