MS SB2738

Authorizes counties bordering the Mississippi Sound and State of Alabama to divert 18.5% of sales tax revenue collected on business activities within a tax increment financing redevelopment project area if the county issued bonds under the Tax Increment Financing Act and debt service remains outstanding.

Requires the redirected sales tax revenue to be deposited into the fund created under the tax increment financing plan and used solely to pay down the county's redevelopment project bond debt.

Limits the diversion to redevelopment projects with developments valued at $10,000,000 or more and requires counties to certify to the Department of Revenue that all conditions are met before revenue can be diverted.

Sales tax revenue diversion ends the month the county's indebtedness is satisfied.

Amends Section 21-45-9 to authorize tax increment financing bonds to be secured by sales tax revenue allocated under this new diversion provision.