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MS SB2908
Bill
AI Summary
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Increases the portion of state sales tax revenue on business activities in municipalities from 18.5% to 19.5%, effective August 15, 2024.
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Creates a new 10% diversion of state sales tax revenue to counties for business activities within the county but not in municipalities or on state institution campuses, effective August 15, 2024.
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Applies these changes to sales tax revenue collected under specified sections, excluding certain taxes on contractors' activities and specific exempted activities.
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Amends Section 27-65-53 to clarify that counties, along with municipalities and state institutions, may adjust erroneous overpayments or have amounts withheld from state funds owed to them.
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Takes effect July 1, 2024.
Legislative Description
Sales tax revenue; increase diversion to municipalities from 18.5% to 19.5%, and create 10% diversion to counties.
Last Action
Died In Committee
3/5/2024