Sales tax revenue; divert 2% from activities at Coast Coliseum and State Fairgrounds for repairs to those entities.
The implementation of SB2911 will establish explicit financial channels dedicated to maintaining and upgrading the infrastructure of significant venues in Mississippi. By designating state sales tax revenue specifically for these purposes, the bill enhances the financial resources available for needed improvements, potentially improving the usability and appeal of such facilities for events and public gatherings. The act is set to take effect on July 1, 2024, ensuring authorities have ample time to plan for the changes.
Senate Bill 2911 aims to amend Section 27-65-75 of the Mississippi Code of 1972 by diverting 2% of state sales tax revenue collected on activities at the Mississippi Coast Coliseum and Convention Center to the newly created Mississippi Coast Coliseum and Convention Trust Fund. This fund is designated solely for capital improvements or major repairs to the Coliseum and Convention Center. Additionally, the bill seeks to divert the same percentage of sales tax revenue from activities at the Mississippi State Fairgrounds into a special fund managed by the Department of Agriculture and Commerce, also earmarked for capital improvements or major repairs to the State Fairgrounds.
Debate surrounding SB2911 may center on the allocation of state funds, as some may argue that diverting sales tax revenue could impact other areas funded by the General Fund. Critics could express concerns that such earmarking of revenue limits the state's flexibility to allocate resources where they are most needed, while supporters will likely emphasize the importance of maintaining key public venues that contribute to the state’s economy through tourism and events.