MS SB2948

Extends the repeal date for Pontotoc's authority to levy taxes on hotels, motels, and restaurants from July 1, 2016 to July 1, 2020.

Authorizes the City of Pontotoc to levy taxes up to 2% on gross proceeds from hotel/motel room rentals and up to 2% on restaurant/prepared food sales.

Expands permitted uses of tax revenue to include promotion of economic development and parks and recreation, in addition to tourism.

Requires the city to adopt a resolution declaring intent to continue the tax, with at least 20% of qualified electors (or 1,500, whichever is less) able to petition for an election; failure to file a petition allows the tax to continue.

Dedicates tax proceeds (minus 3% for Department of Revenue collection costs) to the city for specified purposes and requires separate accounting with annual independent audits.