HB 1879 - City of Jackson Revitalization Act

• Establishes a tax credit program allowing developers to claim 25% of rehabilitation costs (minimum $50,000 for owner-occupied dwellings, $100,000 for commercial buildings) for blighted property in Jackson, with credits capped at $2 million annually and $10 million total.

• Creates two $1 million state bond funds: one for Jackson street improvements (sidewalks, lighting, drainage) and another for acquiring and demolishing blighted properties in the city.

• Authorizes a $10 million annual development fee on licensed gaming establishments that are part of a major capital project (minimum $500 million investment) located near downtown Jackson within six thousand feet of the New Capitol.

• Exempts component materials used in rehabilitating eligible Jackson property from sales tax and establishes a City of Jackson Development Fund to provide grants and loans for business development using revenue from the gaming development fees.

• Allows gaming to operate in Jackson at a licensed establishment that is part of a qualifying project, and provides revenue protections for Vicksburg and Warren County during the first three fiscal years of the new gaming establishment's operation.