MS HB1159

Extends the repeal date of the City of Florence's tax on bars and restaurants from December 31, 2020, to December 31, 2024.

Authorizes the city to impose a tax of up to 2% on the gross proceeds of sales at bars and restaurants to fund economic development and recreational facilities.

Tax revenue, minus 3% retained by the Department of Revenue for collection costs, must be dedicated solely to economic development and recreational facilities and kept separate from general fund accounting.

Requires annual independent audits of tax receipts and expenditures, with audit expenses paid from the tax proceeds.

Tax may also be repealed earlier if recreational facilities are completed and all associated bond debt is paid or sufficient funds are reserved to retire the debt.