Bill Text: MS SB2695 | 2023 | Regular Session | Introduced
Bill Title: Tourism Project Incentive Program; extend deadline for MDA issuance of certificates approving participants.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2023-04-19 - Approved by Governor [SB2695 Detail]
Download: Mississippi-2023-SB2695-Introduced.html
MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Finance
By: Senator(s) Chassaniol
Senate Bill 2695
AN ACT TO AMEND SECTION 57-26-5, MISSISSIPPI CODE OF 1972, TO EXTEND THE DEADLINE FOR THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ISSUE CERTIFICATES APPROVING PARTICIPANTS IN THE TOURISM PROJECT 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 57-26-5 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 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, 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 program provided for
in Sections 57-26-1 through 57-26-5. 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, * * * 2027,
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.
