HB1992 - Sales tax and income tax; revise certain sales tax rates and diversions, phase out individual income tax.

1 Co-Sponsor

An Act To Authorize The Governing Authorities Of Any Municipality To Impose A Sales Tax 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 And Two-tenths Percent Under The Mississippi Sales Tax Law Before July 1, 2034; To Limit The Rate Of The Tax That May Be Imposed By A Municipality; To Amend Section 27-65-17, Mississippi Code Of 1972, To Reduce The Sales Tax Rate On Retail Sales Of Food For Human Consumption Not Purchased With Food Stamps But Which Would Be Exempt From Sales Tax If Purchased With Food Stamps; To Amend Section 27-65-19, Mississippi Code Of 1972, To Temporarily Increase The Sales Tax Rate On Sales Of Utilities And Telecommunications Services; To Levy A Tax On The Gross Income From Retail Sales Of Certain Motor Fuels; To Amend Section 27-65-22, Mississippi Code Of 1972, To Temporarily Increase The Sales Tax Rate On Amusement And Entertainment Admissions; To Amend Section 27-65-23, Mississippi Code Of 1972, To Temporarily Increase The Sales Tax Rate On Various Services; To Amend Section 27-65-25, Mississippi Code Of 1972, To Temporarily Increase The Sales Tax Rate On Retail Sales Of Alcoholic Beverages; To Amend Section 27-65-26, Mississippi Code Of 1972, To Temporarily Increase The Sales Tax Rate On The Sale, Renting Or Leasing Of Specified Digital Products; To Amend Section 27-65-75, Mississippi Code Of 1972, To Revise The Amount Of State Sales Tax Revenue That Is Distributed To Municipalities; To Revise The Distribution Of State Sales Tax Revenue Collected From Retail Sales Of Food For Human Consumption Not Purchased With Food Stamps But Which Would Be Exempt From Sales Tax If Purchased With Food Stamps; To Provide That Sales Tax Revenue Derived From Retail Sales Of Certain Motor Fuels, Shall Be Deposited Into The 2022 Maintenance Project Fund And The 2022 Capacity Project Fund; To Provide That The State Sales Revenue Collected From Temporary Increases To Sales Tax Rates Under This Act Shall Be Deposited, Without Diversion, Into A Special Fund Created In The State Treasury As The "public Employees' Retirement System Sustainability Fund"; To Amend Section 27-65-111, Mississippi Code Of 1972, To Revise The Sales Tax Exemption On Sales Of Certain Motor Fuel; To Amend Section 27-67-31, Mississippi Code Of 1972, To Provide That The State Use Tax Revenue Collected As A Result Of The Temporary Increases To Sales Tax Rates Under This Act Shall Be Deposited, Without Diversion, Into The "public Employees' Retirement System Sustainability Fund"; To Create The "public Employees' Retirement System Sustainability Fund" As A Special Fund In The State Treasury; To Provide That Monies In The Fund Shall Be Appropriated By The Legislature For The Purposes Of Improving And Maintaining The Sustainability Of The Public Employees' Retirement System; To Amend Section 27-7-5, Mississippi Code Of 1972, To Phase Out The State Income Tax On The Taxable Income Of Individuals; And For Related Purposes.