MS HB762

Extends the repeal date of the hotel and motel tax and restaurant tax authorized for the City of Ripley from July 1, 2017, to July 1, 2021.

Authorizes the City of Ripley to levy a tax not exceeding 2% on gross proceeds from hotel and motel room rentals and a separate tax not exceeding 2% on gross proceeds from restaurant sales.

Requires the city to hold a voter election where 60% of qualified electors must approve the tax before it can be imposed, with the election notice published for at least three consecutive weeks.

Dedicates tax proceeds (minus 3% for the Department of Revenue's collection costs) solely to tourism promotion, encouraging retired persons to relocate to Ripley, industrial and economic development, and parks and recreation facilities.

Requires separate accounting and annual independent audits of the tax funds, with audit expenses paid from the collected revenues.