MS HB1631

Extends the repeal date of the restaurant tax originally authorized in Chapter 955, Local and Private Laws of 2011, changing the repeal trigger to the earliest of: when all bonds are paid off, when sufficient funds are deposited to retire all bonds, or July 1, 2029.

Expands the permitted use of tax revenue from the 1% tax on gross proceeds of beverage and food sales at restaurants to include construction, acquisition, development, additions to and expansion of buildings and facilities for tourism and parks and recreation purposes.

Authorizes the City of Southaven to issue general obligation bonds in an amount sufficient for debt service to be funded by the special restaurant sales tax proceeds for tourism and parks and recreation projects.

Exempts bonds issued under this act from the city's indebtedness limitations under Section 21-33-303 and makes the bonds and their income exempt from all Mississippi state taxation.

Requires separate accounting and annual independent audits of all tax receipts and expenditures, with audit expenses paid from the dedicated tax fund.