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2023 SESSION

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SB 1258 Sales tax revenues; entertainment arena.

Introduced by: L. Louise Lucas | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Sales tax revenues; entertainment arena. Adds entertainment arena to the definition of public facility for the purpose of allowing a locality to collect all sales tax revenues generated by transactions at such a facility, provided that a locality owns the facility, wholly or partly, and contributes to financing its construction. The bill also allows a municipality to issue bonds to finance a public facility on or after July 1, 2023, but prior to July 1, 2026. The provisions of the bill do not become effective unless reenacted by the 2024 Session of the General Assembly.

SUMMARY AS PASSED SENATE:

Sales tax revenues; entertainment arena. Adds entertainment arena to the definition of public facility for the purpose of allowing a locality to collect all sales tax revenues generated by transactions at such a facility, provided that a locality owns the facility, wholly or partly, and contributes to financing its construction. The bill also allows a municipality to issue bonds to finance a public facility on or after July 1, 2023, but prior to July 1, 2026.

SUMMARY AS INTRODUCED:

Sales tax revenues; entertainment arena. Adds entertainment arena to the definition of public facility for the purpose of allowing a locality to collect all sales tax revenues generated by transactions at such a facility, provided that a locality owns the facility, wholly or partly, and contributes to financing its construction. The bill also allows a municipality to issue bonds to finance a public facility on or after July 1, 2023, but prior to July 1, 2026, and provides that a municipality is entitled to all sales tax revenues generated by transactions generating revenues in connection with the development and construction of such public facility, in addition to transactions taking place in such public facility.