Mississippi Municipality Tax Bond

MississippiA new law was introduced affecting municipalities in the state of Mississippi. The new law which is referred to as SB 3268 allows municipalities in Mississippi with a population of 150,000 plus to charge a special 1% sales and use tax. SB 3268 law directs any municipality enforcing the tax to institute a commission for the tax. The members of the commission are obliged to attain a surety bond in the amount of $25,000. The surety bond is conditioned on the faithful execution of the responsibilities of office. SB 3268 was enacted on March 11th, 2009.