MS SB2790

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.

Requires the city to adopt a resolution, publish notice for three consecutive weeks, and hold an election where at least 3/5 of qualified electors must vote in favor to implement 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 related purposes, or to pay debt service on bonds issued for such projects.

Authorizes the city to incur indebtedness in an amount not exceeding what can be funded by the special sales tax revenue, excluding this debt from any city indebtedness limitations.

The Mississippi Department of Revenue shall collect and remit the special sales tax to the city by the 15th of each month, with all state sales tax law provisions applying except where conflicting with this act; annual audits by independent certified public accountants are required.