MS HB1503

Authorizes the City of Olive Branch to levy a tax of up to 1% on gross proceeds from overnight hotel and motel room rentals (establishments with 6+ guest rooms), with revenue dedicated to tourism and parks and recreation purposes.

Requires a public election where 60% of qualified city electors voting must approve the tax before it can be imposed, with notice published for at least 3 consecutive weeks before the election date.

Tax collection administered by the Mississippi Department of Revenue (retaining 3% of proceeds for administrative costs), with remaining revenue paid to the city by the 15th of the following month.

Authorizes the city to issue general obligation bonds in amounts supportable by the tax revenue to fund tourism and parks improvements, exempt from state taxation and not subject to city debt limitations.

Sections 1-4 of the act automatically repeal July 1, 2042, though the tax may continue as needed to service any bonds issued under the act.