MS HB1581

Extends the repeal date of the City of Fulton's hotel and motel room rental tax from July 1, 2016, to July 1, 2020.

Authorizes Fulton to impose a tax not to exceed 3% on gross proceeds from room rentals at hotels and motels with six or more guest rooms.

Tax revenues, minus 3% retained by the Department of Revenue for collection costs, must be dedicated solely to promoting tourism and parks and recreation.

Requires separate accounting and annual independent audits of tax revenues, kept distinct from general city funds.

Takes effect upon passage.