Economic development project; revise certain definition of and allow counties and municipalities to enter into agreement with qualified business enterprises.

Expanded definition of economic development projects to include qualified projects under the Mississippi Flexible Tax Incentive Act, allowing more businesses to access local funding.

Changed maximum agreement period from 10 years to 20 years for local government funding agreements with businesses.

Added requirement that cooperative agreements between multiple local governments must be evidenced by written contractual agreement.

Added $10 million cumulative cap on costs that can be paid or reimbursed to a single qualified business enterprise under any agreement.

Added new definition for 'Project revenues' to include all monies and income derived from a project or related facilities.

Clarified 'Project' definition to include development, redevelopment, construction, and conservation of real property improvements for commercial, industrial, entertainment, recreational, or public use purposes.