MS SB2785

Creates the Mississippi Air Service Development Program Fund to provide grants to commercial airports for expanding air service, including new destinations, increased flight frequencies, lower fares through competition, larger aircraft, and new FAA Part 121 carriers

Grants calculated at $10 per seat per day, capped at $500,000 annually per FAA Part 139 certified airport; funds may be used for marketing and advertising new services but cannot be used to purchase airline passenger seats

Requires a 40% match from grant recipients, with only half (20%) of the match allowed to come from in-kind sources; grants must be expended within 12 consecutive months

Disbursements occur quarterly over 12 months: 35% after first 3 months, 25% after second quarter, 25% after third quarter, and 15% after fourth quarter of service

Mississippi Development Authority administers the program and must report annually to the Governor, Lieutenant Governor, and Speaker of the House; act expires July 1, 2018