Senate Bill 3016 Summary

• Authorizes issuance of up to $283 million in general obligation bonds to provide loans to enterprises operating a major theme park with at least $31 million in initial capital investment and creating at least 700 new full-time jobs.

• Provides a $5,000 annual job tax credit for each net new full-time employee for 10 years, with credits commencing within 2 years of project becoming fully operational.

• Authorizes county boards of supervisors and municipal authorities to grant ad valorem tax exemptions on tangible property used in theme park operations for up to 5 years beginning on the date of completion.

• Adds theme parks to the definition of "project" under the Mississippi Major Economic Impact Act and authorizes $31 million in grant funds for real estate improvements related to theme park projects.

• Amends sales tax rebate program to make theme parks eligible for rebates covering up to 50% of approved project costs (increased from 30%), with payments from collected sales tax revenue over a 10-year period.