MS HB1945

Extends the repeal date of the City of Florence's bar and restaurant tax from December 31, 2024, to December 31, 2028.

Authorizes the City of Florence to impose a tax of up to 2% on gross proceeds from bars and restaurants, with funds dedicated to economic development and recreational facilities.

Tax collection follows state sales tax procedures, with the Department of Revenue retaining 3% of proceeds to cover collection costs and remitting the remainder to the city by the 15th of each month.

Requires separate accounting and annual audits of tax revenues, which must be used solely for economic development and recreational facilities as specified in the original 1998 law.

Tax may terminate earlier if recreational facilities are completed and all associated bonds or borrowings are fully paid or funds are reserved for repayment.