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MS HB1438
Bill
Status
4/2/2015
Primary Sponsor
Lester Carpenter
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AI Summary
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Authorizes the City of Corinth to impose a special sales tax of up to 1/4 of 1% on gross proceeds of sales and gross income from activities taxed at 7% or more under Mississippi Sales Tax Law.
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Requires the city to adopt a resolution declaring intent to levy the tax and hold a public election where at least 3/5 of qualified electors voting must approve the tax.
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Tax revenue must be placed in a separate fund and expended solely for infrastructure projects, economic development projects, and debt service on related bonds or obligations.
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Authorizes the city to incur indebtedness with debt service funded by the special sales tax proceeds, which does not count against any legal debt limitations.
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Requires separate accounting and annual independent audit of receipts and expenditures from the special tax fund.
Legislative Description
City of Corinth; authorize the city to impose a sales tax at the rate of 1/4 of 1% and utilize the revenue for certain purposes.
Last Action
Died In Committee
4/2/2015