HB631 - Hotel construction projects; authorize sale tax incentive for.

1 Co-Sponsor

An Act To Create An Incentive For Persons, Corporations Or Other Entities To Construct Hotels In This State; To Create The Hotel Construction Project Sales Tax Incentive Fund; To Authorize Incentive Payments From Such Fund To Approved Participants That Incur Costs To Construct Hotels In This State; To Provide That Incentive Payments Shall Cease On The Occurrence Of The Earlier Of The Date That An Aggregate Amount Of 30% Of The Approved Project Costs Incurred By An Approved Participant For A Hotel Project Has Been Paid To The Approved Participant Or 15 Years After The Date The Hotel Project Opens For Commercial Operation; To Require The Mississippi Development Authority To Administer The Program; To Amend Section 27-65-75, Mississippi Code Of 1972, To Provide That A Portion Of The Sales Tax Revenue Collected From The Operation Of A Hotel Project Shall Be Deposited, After Certain Diversions, Into The Hotel Construction Project Sales Tax Incentive Fund; And For Related Purposes.