AN ACT TO REQUIRE THE SECRETARY OF STATE 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 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.