House Bill 257

(As Passed the House)

AN ACT TO AMEND SECTION 57-30-5, MISSISSIPPI CODE OF 1972, TO EXTEND THE REPEALER ON THE INCENTIVE PAYMENT PROGRAM UNDER THE SALES TAX INCENTIVE FUND; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 57-30-5, Mississippi Code of 1972, is reenacted and amended as follows:

57-30-5. (1) The MDA shall develop, implement and administer the incentive program authorized in this chapter 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 payment program authorized in this chapter must submit an application to the MDA. Such application must contain (a) plans for the proposed project; (b) a detailed description of the proposed project; (c) the method of financing the proposed project and the terms of such financing; and (d) any other information required by the MDA. The Executive Director of the MDA shall review the application and determine whether it qualifies as a project. If the executive director determines the proposed project qualifies as a project, he 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 payment program provided for in this chapter; however, no certificates shall be issued after July 1, 2004, for projects that pertain to facilities whose primary purpose is the retail sale of tangible personal property.

(3) This section shall stand repealed from and after July 1, 2007.

SECTION 2. This act shall take effect and be in force from and after July 1, 2005.