MS HB1720

Extends the repeal date of the City of Pontotoc's authority to levy taxes on hotels, motels, and restaurants from July 1, 2024, to July 1, 2028.

Authorizes the city to levy a tax not exceeding 2% on gross room rental proceeds from hotels and motels and 2% on gross sales proceeds from restaurants for tourism and parks and recreation purposes.

Requires tax revenues to be collected by the Department of Revenue using state sales tax procedures, with 97% of proceeds paid to the city and 3% retained for collection costs.

Mandates that tax proceeds be dedicated solely to tourism and parks and recreation purposes and kept separate from the city's general fund, with annual independent audits required.

Requires the city governing authorities to adopt a resolution declaring intent to levy the tax with published notice and establishes a petition process allowing electors to force a referendum if 20% or 1,500 qualified electors (whichever is less) object.