Corrections to House Bill 1 story

Some clarifications are needed in an article that ran in the September 20 issue of The South Reporter headlined House Bill 1 (the Mississippi Infrastructure and Modernization Act)  bringing much-needed funds.

The $388 million or nearly $400 million a year collected annually by the state of Mississippi in use taxes will be used partly to fund infrastructure needs in counties, municipalities and the state’s Local System Bridge Fund.

Thirty-five percent of this $400 million will be divided annually – 15 percent of it going to the counties, 15 percent of it going to the municipalities and 5 percent going to LSBP – to be spent on infrastructure improvements.

In a $50,000 a year, four-year phase-in, Holly Springs will get 25 percent of $207,000 dollars a year. The fifth year, the City of Holly Springs will receive a full $207,000 and each year thereafter, according to state Rep. John Faulkner.

If the statewide use tax revenues increase, the amount to cities, counties and the LSBP fund will likewise increase, he said.

The South Reporter apologizes for the errors in the story and any confusion they may have caused our readers.