Bill Text | History of Actions | Background | Title |
Description: Sales tax; authorize municipalities to levy special sales tax and use portion of proceeds to reduce ad valorem taxes.
Bill Text: [Introduced]
| 1 | 01/03 (H) Referred To Ways and Means | |
| 2 | 02/21 (H) Died In Committee |
| Effective date | ||
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Mayo
Code Sections: A 027-0039-0320, A 027-0039-0321
Title: AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF A MUNICIPALITY TO IMPOSE A SPECIAL SALES TAX OF NOT MORE THAN ONE PERCENT ON THE GROSS PROCEEDS OF ALL SALES OR THE GROSS INCOME OF BUSINESSES IN THE MUNICIPALITY DERIVED FROM ACTIVITIES TAXED AT THE RATE OF SEVEN PERCENT OR MORE UNDER THE MISSISSIPPI SALES TAX LAW; TO PROVIDE THAT THE SPECIAL SALES TAX SHALL NOT BE LEVIED UNLESS AUTHORIZED BY AT LEAST THREE-FIFTHS OF THE VOTES CAST AT AN ELECTION CALLED AND HELD FOR SUCH PURPOSE; TO PROVIDE THAT THE GOVERNING AUTHORITIES OF A MUNICIPALITY LEVYING A SPECIAL SALES TAX SHALL USE 75% OF THE PROCEEDS OF THE SPECIAL SALES TAX RECEIVED DURING A FISCAL YEAR AS REVENUE IN ITS PROPOSED BUDGET FOR THE NEXT FISCAL YEAR AND SHALL REDUCE THE AD VALOREM TAX REVENUE IN THE PROPOSED BUDGET BY AN AMOUNT EQUAL TO SUCH SPECIAL SALES TAX PROCEEDS; TO PROVIDE THAT 25% OF THE PROCEEDS OF THE SPECIAL TAX RECEIVED DURING A FISCAL YEAR SHALL REMAIN IN A SEPARATE SPECIAL FUND; TO PROVIDE THAT IF THE PROCEEDS OF THE SPECIAL SALES TAX RECEIVED DURING A FISCAL YEAR IS LESS THAN THE AMOUNT OF SUCH PROCEEDS RECEIVED DURING THE PREVIOUS FISCAL YEAR, A MUNICIPALITY MAY USE A PORTION OF THE MONIES REMAINING IN THE SPECIAL FUND TO SUPPLEMENT THE AMOUNT OF SPECIAL SALES TAX PROCEEDS INCLUDED IN THE PROPOSED BUDGET FOR THE NEXT FISCAL YEAR IN ORDER TO PROVIDE THAT THE SUCH AMOUNT IS THE SAME AS FOR THE PREVIOUS FISCAL YEAR; TO PROVIDE THAT A MUNICIPALITY LEVYING A SPECIAL SALES TAX MAY NOT INCREASE AD VALOREM TAX REVENUES FOR THE NEXT FISCAL YEAR BY MORE THAN SEVEN PERCENT UNLESS AUTHORIZED BY AT LEAST THREE-FIFTHS OF THE VOTES CAST AT AN ELECTION CALLED AND HELD FOR SUCH PURPOSE; TO AMEND SECTIONS 27-39-320 AND 27-39-321, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
End Of Document
2001/html/History/HB/HB0423.htm