MS HB1634

Extends the repeal date of Chapter 939, Local and Private Laws of 1998 from December 31, 2014 to December 31, 2016, allowing the City of Florence to continue imposing a tax on bars and restaurants.

Authorizes the City of Florence to levy a tax not to exceed 2% on the gross proceeds of sales from bars and a tax not to exceed 2% on beer, alcoholic beverages, and prepared food sales from restaurants.

Tax revenue, minus 3% retained by the Department of Revenue for collection costs, shall be dedicated solely to promoting economic development and constructing recreational facilities.

Requires separate accounting and annual independent audits of tax receipts and expenditures, with results reported to the Mayor and Board of Aldermen.

Tax authorization terminates on the earlier of December 31, 2016 or within two months after recreational facilities are completed and all related bonds and indebtedness are paid or fully funded.