IN HB1578

Authorizes the Madison County council to increase the county food and beverage tax from 1% to 2% for a two-year period from July 1, 2011, through June 30, 2013, with the ordinance required by May 31, 2011

During the 2% tax period, allocates 50% of total revenue to the economic development project fund, 25% to cities, towns, and unincorporated county areas based on population for general fund use, and 25% to a new Paramount Theater fund

Establishes a Paramount Theater fund dedicated to preserving, improving, equipping, operating, maintaining, and promoting the Paramount Theater and retiring outstanding mortgage debt as of July 1, 2011

Permits the county fiscal body to make grants from the Paramount Theater fund to a nonprofit foundation dedicated to these theater-related purposes

Declared an emergency measure, making the act effective immediately upon passage