MS HB1665

Department of Finance and Administration shall establish a program providing incentive payments to developers who develop property within the Capitol Complex Improvement District and place it into productive use.

Developers must submit applications containing development plans describing the property, current use, development work to be performed, and intended future use to the Department for approval and a certificate of participation.

City of Jackson and Hinds County shall remit to the Department ad valorem tax revenue derived from increases in assessed property value for up to five years after developed property is placed into use.

Department shall deposit remitted tax revenues into a special fund and disburse incentive payments to developers equal to the first year's tax revenue; remaining four years of tax revenue shall be deposited into the Capitol Complex Improvement District Project Fund.

Act takes effect July 1, 2024.