MS HB147

Creates the Hotel Renovation Projects Sales Tax Incentive Fund to provide incentive payments to hotel owners who spend at least $2,000,000 on repairs and renovations, with a minimum of $10,000 per guest room.

Authorizes the Mississippi Development Authority (MDA) to administer the program and issue certificates to approved participants, with a $1,000 application fee required.

Incentive payments equal 25% of sales tax revenue collected from guest room rentals and conference room operations, capped at 20% of total approved project costs and limited to a maximum of 10 years.

Diverts 25% of applicable sales tax revenue from hotel operations into the Hotel Renovation Projects Sales Tax Incentive Fund, after standard diversions to municipalities and education funds.

Program becomes effective July 1, 2017, and payments cease when either the 20% cost reimbursement cap is reached or 10 years have elapsed since payments began.