MS HB1553

Extends the repeal date of the Indianola Tourism Commission law from July 1, 2011 to July 1, 2014, allowing the commission to continue operating for an additional three years.

Maintains the nine-member commission composition including five ward representatives, Chamber of Commerce member, B.B. King Museum Foundation member, and representatives from hotel/motel and restaurant/bar owners.

Authorizes the City of Indianola governing authorities to levy and collect up to 2% tax on hotel/motel room rental gross proceeds and up to 2% tax on restaurant and bar gross sales proceeds, with revenue dedicated solely to tourism and economic development.

Establishes commission powers including authority to promote conventions and tourism, acquire and operate tourism facilities, and contribute funds to visitor centers and building restoration projects that promote tourism or economic development.

Requires annual budget adoption by the commission subject to mayor and board of aldermen approval, independent annual audits by certified public accountant, and submission of audit reports to the city and State Department of Audit.