MS HB1580

Reduces the sales tax rate on food for human consumption not purchased with food stamps (but eligible for food stamp exemption) from 7% to a tiered rate: 5.833% (July 1, 2010 - June 30, 2011), 4.666% (July 1, 2011 - June 30, 2012), and 3.5% (July 1, 2012 onward).

Increases the percentage of food sales tax revenue collected within municipalities that is distributed to those municipalities, with percentages varying by time period and reaching 37% by August 15, 2012.

Provides higher municipal distribution percentages specifically for food tax revenue: 24.67% (August 15, 2010 - July 15, 2011) and 30.83% (August 15, 2011 - July 15, 2012).

Takes effect July 1, 2010.