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2005 SESSION

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HB 2455 Baseball Stadium Authority; entitlement to tax revenues.

Introduced by: Terrie L. Suit | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Entitlement to tax revenues; baseball stadiums. Reinstates provisions to the Virginia Baseball Stadium Authority that expired on January 1, 2005, and extends them to January 1, 2008. These provisions entitle the Virginia Baseball Stadium Authority, subject to appropriation, to all personal income tax, corporate tax, and pass-through tax revenues collected by the Commonwealth as a result of the existence of a major league stadium. The locality in which the stadium is located may pledge all BPOL tax revenue generated on the premises of the stadium to the Authority. The Authority cannot issue bonds or lease the stadium to the Commonwealth if either would be considered a debt of the Commonwealth supported by state revenues or a direct or contingent financial obligation of the Commonwealth. The locality may levy an admissions surcharge to be used to reimburse the locality for its expenses in connection with the stadium. Includes HB2606.

SUMMARY AS PASSED HOUSE:

Entitlement to tax revenues; baseball stadiums. Reinstates provisions to the Virginia Baseball Stadium Authority that expired on January 1, 2005, and extends them to January 1, 2008. These provisions entitle the Virginia Baseball Stadium Authority, subject to appropriation, to all personal income tax, corporate tax, and pass-through tax revenues collected by the Commonwealth as a result of the existence of a major league stadium. The locality in which the stadium is located may pledge all BPOL tax revenue generated on the premises of the stadium to the Authority. The Authority cannot issue bonds or lease the stadium to the Commonwealth if either would be considered tax-supported debt or affect the Commonwealth's capacity unless authorized by the General Assembly. The locality may levy an admissions surcharge to be used to reimburse the locality for its expenses in connection with the stadium. Includes HB2606.

SUMMARY AS INTRODUCED:

Entitlement to tax revenues; baseball stadiums. Reinstates provisions to the Virginia Baseball Stadium Authority that expired on January 1, 2005. These provisions entitle the Virginia Baseball Stadium Authority, subject to appropriation, to all personal income tax, corporate tax, and pass-through tax revenues collected by the Commonwealth as a result of the existence of a major league stadium. The locality in which the stadium is located may pledge all BPOL tax revenue generated on the premises of the stadium to the Authority. The Authority cannot issue bonds or lease the stadium to the Commonwealth if either would be considered tax-supported debt or affect the Commonwealth's capacity unless authorized by the General Assembly. The locality may levy an admissions surcharge to be used to reimburse the locality for its expenses in connection with the stadium.