MS HB392

Counties would receive 9.25% of sales tax revenue collected from business activities occurring outside municipalities within their boundaries, beginning August 15, 2016

An additional 9.25% of sales tax revenue from business activities outside municipalities would be deposited into the Motor Vehicle Ad Valorem Tax Reduction Fund to offset local vehicle ad valorem tax reductions

These new county allocations would be in addition to existing sales tax distributions to counties under current law

The bill amends procedures for recovering overpayments, allowing the state to withhold funds from counties (in addition to municipalities and state institutions) if sales tax has been erroneously disbursed

Effective date: July 1, 2016