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2008 SESSION

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SB 591 Tourism zones, local; increases number of years which tax incentives may be provided therein.

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

SUMMARY AS PASSED SENATE:

Local tourism zones.  Increases from 10 to 20 the number of years in which tax incentives may be provided in a local tourism zone.

SUMMARY AS INTRODUCED:

Local tourism zones.  Increases from 10 to 20 the number of years in which tax incentives may be provided in a local tourism zone. Under current law, the tax incentives may include the reduction of (i) permit fees, (ii) user fees, and (iii) any type of gross receipts tax.

The bill would not change the number of years for which any regulatory flexibility that is provided is binding upon the locality, which is currently fixed at 10 years.