MS SB2032

Authorizes the City of Olive Branch, Mississippi to levy a tax up to 1% on gross proceeds from overnight hotel and motel room rentals (establishments with 6 or more guest rooms) to fund tourism and parks and recreation

Requires a public election with 60% voter approval before the tax can be imposed, preceded by three weeks of published notice

Tax proceeds collected by the Mississippi Department of Revenue, which retains 3% for administration costs before remitting funds to the city by the 15th of each month

Authorizes the city to issue general obligation bonds or incur debt for tourism and parks/recreation improvements, with debt service funded by the hotel/motel tax proceeds; bonds are exempt from state taxation and excluded from city debt limits

Sections 1-4 of the act repeal on July 1, 2041, though tax collection may continue beyond that date if needed to service outstanding bond debt