Tax Increment Financing Act
Mississippi · Municipalities · §§ 21-45-1 to 21-45-9 · 11 sections
Overview
The act authorizes municipalities and counties to designate defined geographic areas for redevelopment and to finance improvements within them using the growth in tax revenue those improvements generate. It sets out how such a zone is created and bounded, what the governing ordinance or order must contain, which properties may qualify, and how a board of directors is composed and empowered to adopt project and financing plans. It further governs how the incremental property and sales tax revenue is measured, collected, and deposited into a dedicated fund, permits the issuance of bonds and notes backed by that fund, and requires periodic public reporting until the zone terminates.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 1 court decision.
Most-cited authority: 807 So. 2d 1208 - Bond v. Marion County Bd. of Sup'rs
Sections covered
- Miss. Code Ann. § 21-45-1Short title1 cite
- Miss. Code Ann. § 21-45-11Contents of tax increment financing plan; public hearing
- Miss. Code Ann. § 21-45-13Security for principal, interest, and premium on tax increment bond
- Miss. Code Ann. § 21-45-15Application of proceeds from sale of bonds
- Miss. Code Ann. § 21-45-17Exemption from taxation
- Miss. Code Ann. § 21-45-19Items which are included in cost of redevelopment project
- Miss. Code Ann. § 21-45-21Assessment of value of real property described in tax increment financing plan; retention and distribution of captured assessed value; approval of redevelopment plan; certification of amount of sales tax collected
- Miss. Code Ann. § 21-45-3Definitions
- Miss. Code Ann. § 21-45-5Relation to other laws; authority of municipalities to accept financial assistance and to enter into agreements with developers
- Miss. Code Ann. § 21-45-7Division of ad valorem taxes according to tax increment financing plan
- Miss. Code Ann. § 21-45-9Issuance of tax increment bonds; issuance of refunding bonds; agreements with developers
Enacted in other states
Hawaii, Maryland, Rhode Island, South Carolina, Texas, West Virginia
All Mississippi named statutes →
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