MS HB470

Reduces the sales tax rate on food for human consumption (items that would be tax-exempt if purchased with food stamps) from 7% to 5.833% starting July 1, 2011, then to 4.666% on July 1, 2012, and finally to 3.5% on July 1, 2013

Increases the percentage of sales tax revenue from qualifying food sales distributed to municipalities from 18.5% to 24.67% in year one, 30.83% in year two, and 37% in year three and beyond

Maintains the standard 18.5% municipal distribution rate for all other sales tax revenue collected under the chapter, excluding certain categories like contractors' taxes and telecommunications

Applies only to food items that would qualify for food stamp exemption but are purchased with cash or other payment methods rather than food stamps