MS SB2550

Allows a municipality's governing body to pay the difference between tax increment financing bond debt service and available revenues from its general fund if assessed property values in the plan decrease and revenues cannot cover debt service payments when due.

Requires county assessors to file a list with property assessment rolls showing the amount of assessed value reduction for properties included in tax increment financing plans that have issued bonds.

Requires assessors to provide this additional information to municipality governing bodies by the first Monday in July each year for redevelopment projects located within municipalities.

Removes municipal liability limitations for general credit obligations related to tax increment bond debt service shortfalls caused by reduced property assessments.

Takes effect July 1, 2015.