MS HB1598

Creates the Mississippi Main Street Investment Act and establishes the Mississippi Main Street Investment Loan Fund to provide loans to municipalities with populations under 15,000 for revitalization zone projects.

Requires municipalities to submit applications to the Mississippi Development Authority including a master plan approved by 60% of property owners within the proposed revitalization zone; MDA may approve no more than two municipal projects per fiscal year.

Allocates sales tax revenue collected within certified revitalization zones to the municipality receiving a loan under this act, with funds pledged as security for loan repayment until the loan is satisfied in full.

Authorizes issuance of $5,000,000 in state general obligation bonds with proceeds deposited into the Mississippi Main Street Investment Loan Fund; bonds cannot be issued after July 1, 2020.

Amends Section 27-65-75 to add revitalization zone sales tax distribution provisions and becomes effective October 1, 2016.