MS SB3091

Authorizes Lee County Board of Supervisors to impose a special sales tax of up to 3/4% on gross proceeds of sales or business income taxed at 7% under Mississippi Sales Tax Law.

Tax cannot be levied without approval by majority vote of qualified electors at a regular county election, with the specific project to be funded listed on the ballot.

Revenue from the special sales tax (less 3% retained by Department of Revenue for collection costs) must be deposited into a separate special project fund and used only for the specified project or debt service on related bonds or loans.

Board of Supervisors is authorized to issue general obligation bonds or receive loans in an amount not exceeding what can be funded by the special sales tax proceeds to pay project costs.

Tax authority automatically repeals upon final payment of all principal and interest on bonds or loans issued under this act, with any remaining funds transferred to the county general fund.