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2015 SESSION

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SB 1401 Tourism project of regional significance; entitlement to tax revenues.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Entitlement to tax revenues; tourism project of regional significance. Entitles a tourism project of regional significance to the revenues generated by a 1.5 percent state sales and use tax on transactions taking place on its premises, to be used for debt service on gap financing for the project. To qualify for the revenues, the project must meet a deficiency identified in a local tourism plan approved by the Virginia Tourism Authority. The private developer and the locality in which the project is located must each contribute funds equal to the 1.5 percent sales and use tax contribution, which are also to be used for the gap financing payment. Current law allows certain tourism projects to qualify for revenues generated by a one percent state sales and use tax. The bill provides that a project would be eligible for the increased revenues if it involves a new private, capital investment of at least $100 million and supports increased hotel occupancy, job creation, and out-of-state visitors. This bill incorporates SB 975.


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