MS HB434

Creates the Hotel Renovation Projects Sales Tax Incentive Fund to provide incentive payments to approved participants who incur repair and renovation costs at hotels in Mississippi.

Requires hotels to have minimum expenditures of $2,000,000 for repairs and renovations with at least $10,000 per guest room to qualify as an approved project.

Incentive payments equal 25% of sales tax revenue collected from guest room rentals and conference room operations, capped at 20% of approved project costs, and cease after 10 years or when 20% reimbursement is reached, whichever occurs first.

Directs 25% of sales tax revenue from qualified hotel operations (after certain diversions) into the incentive fund, administered by the Mississippi Development Authority starting August 15, 2016.

Requires applicants to submit $1,000 application fee and have project plans approved by the MDA Executive Director, with all renovation costs verified by an independent third party.