MS SB2941

Reenacts and extends the authorization for the Town of Byhalia to impose a tax of up to 2% on gross proceeds of room rentals at hotels and motels with six or more guest rooms until July 1, 2021.

Tax revenue, minus 3% retained by the Mississippi Department of Revenue for collection costs, shall be dedicated solely to promoting tourism and parks and recreation in the Byhalia area.

Requires the governing authorities to adopt a resolution, publish notice for at least three consecutive weeks, and hold an election where 60% of qualified voters must approve the tax before it may be imposed.

Mandates separate accounting of tax revenues from the general fund and annual independent audits by certified public accountants with expenses paid from the tax proceeds.

Ratifies all revenue collected and expenditures made under this authority from July 1, 2016, forward, including funds held in escrow by the town.