MS HB414

Establishes the "Sweetened Beverages and Syrups Tax Law" requiring distributors of sweetened beverages, syrups, and powder/base products to obtain permits from the Department of Revenue before doing business in Mississippi.

Imposes an excise tax of $2.56 per gallon (or 2 cents per ounce) on distributors selling sweetened beverages, syrups, and powder or base products; tax amounts adjust annually based on the Consumer Price Index.

Creates the Children's Health Promotion Fund to receive all excise tax revenue, with funds allocated as follows: 20% to the Department of Health for statewide obesity prevention, 35% to community-based programs, 10% to medical intervention activities, and 35% to schools for nutrition and physical activity programs.

Exempts from taxation products sold to the federal or tribal governments, products sold for resale or consumption outside Mississippi, and sales between permit-holding distributors.

Establishes penalties of 50% of unpaid taxes plus 12% annual interest for violations; applies administrative provisions of the Mississippi Sales Tax Law; effective July 1, 2011.