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2012 SESSION

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SB 607 Retail Sales and Use Tax; distribution of revenue collected in certain public facilities.

Introduced by: Charles W. Carrico, Sr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Entitlement to sales and use tax revenues; development of regional impact. Entitles the City of Bristol to retain certain sales and use taxes generated on the premises of a development of regional impact located in the City, to pay bonds issued for the development. The bill sets forth numerous criteria that a development must meet in order to qualify. The bill is identical to HB 1116.

SUMMARY AS INTRODUCED:

Entitlement to sales and use tax revenues; certain public facilities.  Adds developments of regional impact to the list of public facilities entitled to certain sales and use taxes generated on the premises of the development. The bill sets forth numerous criteria that a development must meet in order to be entitled to the revenues.