Income tax and ad valorem tax; create incentives for developers to improve tax forfeited, blighted properties in MS.

An Act To Require The Secretary Of State, In Conjunction With The Department Of Revenue, To Establish A Program To Provide An Income Tax Credit For Taxpayers Who Develop Blighted Property In Mississippi For The Purpose Of Placing The Property Into Use Either As An Owner-occupied Dwelling Or Commercial Building; To Create An Application Process For Taxpayers Who Desire To Participate In The Program; To Authorize A Refundable Income Tax Credit For Taxpayers Who Incur Costs For The Development Of Property Under This Act; To Establish The Amount Of The Tax Credit; To Provide That If The Amount Of The Tax Credit Claimed By A Taxpayer Exceeds The Amount Of Income Tax Liability Of The Taxpayer For A Taxable Year, The Taxpayer Is Eligible To Carry The Excess Credit Forward For Ten Years; To Require The Secretary Of State, In Conjunction With The Department Of Revenue, To Establish A Program To Provide Incentive Payments For Developers To Develop Blighted Property In Mississippi In Order To Place The Property Into Use And Increase The Value Of The Property; To Define Certain Terms; To Create An Application Process For Developers Who Desire To Participate In The Incentive Program; To Provide That When Property Is Developed According To A Development Plan And Placed Into Use, The Municipal Or Chancery Clerk Shall Remit To The Secretary Of State Certain Revenue Derived From The Applicable Municipal Or County Ad Valorem Tax; To Require The Secretary Of State To Deposit The Remitted Amounts Into A Special Fund And Expend Monies In The Fund, Upon Appropriation By The Legislature, To Provide Incentive Payments To The Developers; To Prescribe The Amount Of The Incentive Payments And Period Of Time That Incentive Payments Will Be Made To Developers; And For Related Purposes.