MS HB1501

Expands the definition of "economic development project" to include qualified projects as defined in the Mississippi Flexible Tax Incentive Act, in addition to projects receiving state or federal program funds.

Authorizes county boards of supervisors and municipal governing authorities to enter into agreements with qualified business enterprises to fund or reimburse project costs using revenues derived from the project.

Defines "costs of a project" broadly to include site preparation, construction, equipment, land acquisition, professional services, and environmental remediation related to commercial, industrial, entertainment, or recreational development or redevelopment.

Caps cumulative project cost payments or reimbursements at $10,000,000 per local government unit or combination of cooperating units under any single agreement.

Allows agreements to be binding on future boards and governing authorities for up to 20 years, requiring written contracts and board/council approval by order or resolution.