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2020 SESSION
HB 120 Virginia Beach Sports or Entertainment Project; extends expiration date of tax incentive, etc.
Introduced by: Barry D. Knight | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Virginia Beach Sports or Entertainment Project; extend expiration date of tax incentive; modify financing structure. Provides that the City of Virginia Beach's entitlement to state sales and use tax revenue attributable to a sports or entertainment project, which under current law will expire on July 1, 2039, shall expire on July 1 following the twentieth anniversary of the completion of construction of the sports and entertainment project. The bill authorizes the City of Virginia Beach to work with a community development authority established by the City to develop a sports or entertainment district, and authorizes it to use funds from the Sports or Entertainment Project Financing Fund to pay for debt maintenance costs of such authority.
SUMMARY AS INTRODUCED:
Virginia Beach Sports or Entertainment Project; extend expiration date of tax incentive; modify financing structure. Provides that the City of Virginia Beach's entitlement to state sales and use tax revenue attributable to a sports or entertainment project, which under current law will expire on July 1, 2039, shall expire on July 1 following the twentieth anniversary of the completion of construction of the sports and entertainment project. The bill authorizes the City of Virginia Beach to work with a community development authority established by the City to develop a sports or entertainment district, and authorizes it to use funds from the Sports or Entertainment Project Financing Fund to pay for debt maintenance costs of such authority.