Bill Text: MS SB2833 | 2011 | Regular Session | Introduced

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Bill Title: Tourism; revise definition of tourism project for purpose of tourism project sales tax incentive program.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2011-02-01 - Died In Committee [SB2833 Detail]

Download: Mississippi-2011-SB2833-Introduced.html

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MISSISSIPPI LEGISLATURE

2011 Regular Session

To: Tourism; Finance

By: Senator(s) Davis

Senate Bill 2833

AN ACT TO AMEND SECTION 57-26-1, MISSISSIPPI CODE OF 1972, TO REVISE THE TERM "TOURISM PROJECT" FOR PURPOSES OF THE TOURISM PROJECT SALES TAX INCENTIVE PROGRAM TO PROVIDE THAT THE TERM MAY INCLUDE HISTORICAL RESORT DEVELOPMENTS; TO DEFINE THE TERM "HISTORICAL RESORT DEVELOPMENT"; AND FOR RELATED PURPOSES.

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

     SECTION 1.  Section 57-26-1, Mississippi Code of 1972, is amended as follows:

     57-26-1.  As used in Sections 57-26-1 through 57-26-5, the following terms and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:

          (a)  "Approved project costs" means actual costs incurred by an approved participant for land acquisition, construction, engineering, design and other costs approved by the Mississippi Development Authority relating to a tourism project.  All costs must be verified by an independent third party approved by the MDA.  An approved participant shall pay the costs for the third-party verification of costs.  Approved project costs may not increase regardless of the actual costs incurred by the project.

          (b)  "Approved participant" means a person, corporation or other entity issued a certificate by the Mississippi Development Authority under Section 57-26-5.

          (c)  "MDA" means the Mississippi Development Authority.

          (d)  "Tourism project" shall include any of the following as may be approved by the MDA:

              (i)  Theme parks, water parks, entertainment parks or outdoor adventure parks, cultural or historical interpretive educational centers or museums, motor speedways, indoor or outdoor entertainment centers or complexes, convention centers, professional sports facilities, spas, attractions created around a natural phenomenon or scenic landscape and marinas open to the public with a minimum private investment of not less than Ten Million Dollars ($10,000,000.00);

              (ii)  A hotel with a minimum private investment of Forty Million Dollars ($40,000,000.00) in land, buildings, architecture, engineering, fixtures, equipment, furnishings, amenities and other related soft costs approved by the Mississippi Development Authority, and having a minimum private investment of One Hundred Fifty Thousand Dollars ($150,000.00) per guest room which amount shall be included within the minimum private investment of Forty Million Dollars ($40,000,000.00);

              (iii)  A public golf course with a minimum private investment of Ten Million Dollars ($10,000,000.00);

              (iv)  An historical resort development.

     The term "tourism project" does not include any licensed gaming establishment owned, leased or controlled by a business, corporation or entity having a gaming license issued under Section 75-76-1 et seq.; however, the term "tourism project" may include a project described in this paragraph (d) that is owned, leased or controlled by such a business, corporation or entity or in which the business, corporation or entity has a direct or indirect financial interest if the project is in excess of development that the State Gaming Commission requires for the issuance or renewal of a gaming license and is not part of a licensed gaming establishment in which gaming activities are conducted.

     The term "tourism project" does not include any facility within the project whose primary business is retail sales or any expansions of existing projects; however, pro shops, souvenir shops, gift shops, concessions and similar retail activities may be included within the definition of the term "tourism project."  In addition, retail activities, regardless of whether the primary business is retail sales, that are part of a resort development may be included within the definition of "tourism project."

          (e)  "Resort development" means a travel destination development with a minimum private investment of One Hundred Million Dollars ($100,000,000.00) and which consists of (a) a hotel with a minimum of two hundred (200) guest rooms or suites and having a minimum private investment of Two Hundred Thousand Dollars ($200,000.00) per guest room or suite, and (b) guest amenities such as restaurants, golf courses, spas, fitness facilities, entertainment activities and other amenities as determined by the MDA.  Not more than an amount equal to forty percent (40%) of the private investment required by this paragraph may be expended on facilities to house retail activity.

          (f)  "Historical resort development" means the reestablishment of a former town which lost its municipal charter prior to 1945 which will be redeveloped as a travel destination development with a minimum private investment of Fifty Million Dollars ($50,000,000.00) which may consist of:

              (i)  A chapel;

              (ii)  A historical museum;

              (iii)  A boutique hotel with a minimum of seventy-five (75) rooms or suites and having a minimum private investment of One Hundred Fifty Thousand Dollars ($150,000.00) per guest room;

              (iv)  A minimum of twenty-five (25) guest cottages;

              (v)  Restaurants;

              (vi)  Specialty and high-end retail; and

              (vii)  Entertainment and other amenities as determined by the MDA.

          (g)  "Retail activity" means businesses whose inventory consists primarily of upscale name brands or their equivalent as determined by the MDA.

          (h)  "State" means the State of Mississippi.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2011.

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