MS HB837

City of Ridgeland governing authorities may impose a special sales tax of up to 1% on gross proceeds of sales or business income taxed at 7% or more under Mississippi Sales Tax Law, with specific exemptions for restaurants, hotels, telecommunications services, and prescription medicines.

Tax requires approval by at least 3/5 of votes cast at a municipal election, with at least three weeks' published notice and ballots describing the tax amount and authorized purposes.

Revenue collected shall be placed in a separate municipal fund and expended solely for redevelopment projects in the Southeast Ridgeland Redevelopment District, including infrastructure such as streets, utilities, curbs, gutters, and drainage.

Department of Revenue collects the tax, retains 3% for administrative costs, and remits proceeds to the city by the 15th of the following month; annual audits by independent certified public accountant required with reports filed to the Senate and House.

City may issue bonds or incur indebtedness up to amounts supportable by the special sales tax proceeds; this authority expires July 1, 2015.