MS HB1166

Authorizes counties bordering the Mississippi Sound and Alabama that issued bonds under the Tax Increment Financing Act to receive a diversion of 18.5% of sales tax revenue collected on business activities within redevelopment project areas.

Requires diverted sales tax revenue to be used solely to satisfy bonded indebtedness, with the diversion ending when the debt is paid off.

Limits the diversion to counties where a development valued at $10,000,000 or more is located or will be located in the redevelopment area.

Requires counties to certify to the Department of Revenue that all conditions are met before receiving the sales tax diversion, including the amount of bonded indebtedness and expected satisfaction date.

Amends Section 21-45-9 to include sales tax revenue diverted under this provision as an authorized source for debt service on tax increment financing bonds.