MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Ways and Means
By: Representative Roberson
AN ACT TO AMEND SECTION 57-26-5, MISSISSIPPI CODE OF 1972, TO EXTEND THE AUTHORITY OF THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ISSUE A CERTIFICATE DESIGNATING AN ENTITY AS AN APPROVED PARTICIPANT AND AUTHORIZING THE APPROVED PARTICIPANT TO PARTICIPATE IN THE TOURISM PROJECT SALES TAX INCENTIVE PROGRAM; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 57-26-5, Mississippi Code of 1972, is amended as follows:
57-26-5. (1) The MDA shall
develop, implement and administer the incentive program authorized in Sections
57-26-1 through * * *
this section and shall promulgate rules and regulations necessary for
the development, implementation and administration of such program.
(2) A person, corporation
or other entity desiring to participate in the incentive program authorized in
Sections 57-26-1 through * * *57‑26‑5 this section must submit an
application and an application fee in the amount of Five Thousand Dollars
($5,000.00) to the MDA. Such application must contain: (a) plans for
the proposed tourism project; (b) a detailed description of the proposed
tourism project; (c) the method of financing the proposed tourism project and
the terms of such financing; (d) an independent study that identifies the number
of out-of-state visitors anticipated to visit the project and the ratio of out-of-state
visitors to in-state visitors; and (e) any other information required by the
MDA. The Executive Director of the MDA shall review the application and
determine if it qualifies as a tourism project under this section and under the
rules and regulations promulgated pursuant to this section. If the executive
director determines the proposed tourism project qualifies as a tourism project
under this section and under the rules and regulations promulgated pursuant to
this section, * * *
the director shall issue a certificate to the person, corporation or
other entity designating such person, corporation or other entity as an
approved participant and authorizing the approved participant to participate in
the incentive program provided for in Sections 57-26-1 through * * * this section. No
certificate designating an entity as an approved participant and authorizing
the approved participant to participate in the incentive program shall be
issued from and after July 1, 2014, for tourism projects that are cultural
retail attractions, or from and after July 1, * * * 2026, for other tourism projects.
For tourism projects that are cultural retail attractions, no such issued
certificate shall be altered or extended after the date last approved as of
July 1, 2020.
(3) The MDA shall cause a
cost-benefit analysis of the tourism project to be performed by a state
institution of higher learning, the * * * University Research
Center or some other entity approved by the MDA.
SECTION 2. This act shall take effect and be in force from and after July 1, 2023, and shall stand repealed on June 30, 2023.