MS SB2925

Extends the repeal date of Chapter 955, Local and Private Laws of 2011, from July 1, 2014 to July 1, 2017, allowing the City of Southaven to continue imposing a tax on restaurant gross proceeds.

Authorizes the City of Southaven to levy and collect a tax of up to 1% on gross proceeds from sales of beverages and prepared food at restaurants for purposes of promoting tourism, parks, and recreation.

Requires a voter election with 60% approval threshold before the tax can be imposed, with qualified electors of Southaven voting on a ballot stating the tax amount and purposes.

Directs the Department of Revenue to collect the tax using the same procedures as state sales taxes, retaining 3% of proceeds for collection costs and remitting remainder to the city by the 15th of the collection month.

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