MS SB2425

Authorizes diversion of 18.5% of sales tax revenue collected on business activities within redevelopment project areas to counties that border the Mississippi Sound and State of Alabama if the county has issued Tax Increment Financing bonds with outstanding debt service and a $10,000,000 or greater development is located in the redevelopment area.

Revenue diverted to counties must be deposited in the Tax Increment Financing fund and used solely to satisfy the county's bonded indebtedness for the redevelopment project.

The sales tax diversion begins the month after the Department of Revenue determines all requirements are met and ends the month the indebtedness is satisfied.

Requires counties to certify to the Department of Revenue that all eligibility requirements are met, including the amount of bonded indebtedness and the expected satisfaction date.

Amends Section 21-45-9 to allow sales tax revenue diverted under this provision to be used as a source of debt service for Tax Increment Financing bonds.