Benefits seen in Capitol Complex bill
The legislation would annually divert an additional 12.5 percent of local sales tax revenue to the fund managed by the Capitol Complex’s board of directors. The legislation also gives the board the ability to borrow, under state authority, up to 25 percent of its improvement fund in a fiscal year.
The complex’s board would draft an infrastructure repair plan with the guidance of an advisory committee. The board’s final plan could involve any number of improvements to roads, drainage systems, water and sewer lines and buildings within the Capitol Complex area.
“Jackson will continue to receive all the money that it receives in sales tax collected within the city,” Blount said. “This is new money—additional money that would be spent within the city infrastructure and under the direction of the board of directors.”
If the bill passes in its current form, the Mississippi Department of Revenue estimated that the additional sales tax proceeds coming to the Capitol Complex’s improvement fund would total just over $21 million annually. Of that amount, approximately $3 million would go directly to the city to compensate for police and fire protection services that the city provides to the Capitol Complex area.
MS Today
4/13/16
