MS HB435

Creates the Hotel Renovation Projects Sales Tax Incentive Fund administered by the Mississippi Development Authority to provide incentive payments to approved hotel renovation participants.

Requires hotels to have minimum $2,000,000 in renovation costs for guest rooms, suites, and common areas, with minimum $10,000 per guest room or suite, to qualify as an approved project.

Provides incentive payments equal to 25% of sales tax revenue collected from guest room rentals and conference room operations, with payments capped at 20% of approved project costs and limited to the earlier of 10 years or until cap is reached.

Requires applicants to submit a $1,000 application fee and detailed project plans to the MDA for certification as an approved participant; all renovation costs must be verified by an independent third party.

Diverts 25% of sales tax revenue from qualifying hotel projects into the incentive fund after standard diversions to municipalities, schools, and other designated funds, with fund surplus transferred to the General Fund once incentive payments cease.