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2001 SESSION
HB 1602 Baseball Stadium Authority; entitlement to income & sales & use taxes.
Introduced by: Vincent F. Callahan, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Baseball Stadium Authority; entitlement to income and sales and use taxes. Extends the Authority's entitlement to certain income and sales and use taxes through January 1, 2005. The Authority would be entitled to income and sales and use tax revenues generated from (i) activities conducted on the premises or within a major league baseball stadium; and (ii) transactions made in connection with the development and construction of a major league baseball stadium. The entitlement is made conditional upon an appropriation directing these revenues to be paid over to the Authority. The entitlement to these revenues will expire on January 1, 2005, unless, before that time, the Authority executes a lease with a major league baseball team. Under current law, entitlement to such revenues would expire on January 1, 2002. The bill also contains a technical correction.
SUMMARY AS INTRODUCED:
Virginia Baseball Stadium Authority; entitlement to income and sales and use taxes. Extends the Authority's entitlement to certain income and sales and use taxes through January 1, 2005. The Authority would be entitled to income and sales and use tax revenues generated from (i) activities conducted on the premises or within a major league baseball stadium; and (ii) transactions made in connection with the development and construction of a major league baseball stadium. The entitlement is made conditional upon an appropriation directing these revenues to be paid over to the Authority. The entitlement to these revenues will expire on January 1, 2005, unless, before that time, the Authority executes a lease with a major league baseball team. Under current law, entitlement to such revenues would expire on January 1, 2002. The bill also contains a technical correction.