MS HB1676

Authorizes the City of Corinth to impose a special sales tax of not more than 0.25% on gross proceeds of sales and business income taxed at 7% or more under Mississippi Sales Tax Law.

Requires the city to adopt a resolution declaring its intent and hold a public election where at least three-fifths of qualified voters must approve the tax.

Revenue from the special sales tax must be placed in a separate fund and used exclusively for infrastructure projects, economic development projects, and debt service related to these projects.

Allows the City of Corinth to incur indebtedness whose debt service can be funded by the special sales tax proceeds, and this indebtedness does not count toward the city's debt limitations.

The Department of Revenue collects the tax and remits it to the city by the 15th of the following month; all provisions of Mississippi Sales Tax Law apply except where this act specifically controls.