MS SB3088

Extends the repeal date of the Grenada Tourism Commission and related tourism tax provisions from September 30, 2012 to September 30, 2015.

Authorizes the City of Grenada to impose a tourism tax of up to 2% on gross hotel and motel room rental proceeds and up to 1% on restaurant and bar gross receipts (applies only to establishments with annual gross proceeds exceeding $100,000).

Establishes a seven-member Grenada Tourism Commission composed of representatives from restaurant and hotel associations, the Chamber of Commerce, and city-at-large appointees to oversee tourism promotion and development.

Requires 50% of collected tax revenue to be placed in an interest-bearing escrow fund dedicated to convention center construction, financing, and operation or other tourism-promoting uses approved by the City of Grenada.

Mandates annual independent audits of the commission's books with reports submitted to the City of Grenada within 15 days after receipt by the commission.