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2011 SESSION

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HB 2285 Tourism zones; tax revenues for tourism projects.

Introduced by: Matthew James | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Tourism zones; tax revenues for tourism projects.  Entitles certain tourism projects to a percentage of the state and local sales tax revenues generated on the premises of the project, to be used towards debt service to bridge the gap between available debt and equity and the expected costs of the project. In order to qualify for the entitlement, the project must have at least 80 percent of the funding for the project in place. If a locality passes an ordinance adopting a tourism plan and identifies by ordinance a tourism project that meets a deficiency in the plan, and the State Comptroller certifies the project, then the project is entitled to one percent of the state sales tax generated on the premises of the project. The locality must also provide, by ordinance, one percent of the local sales generated on the premises, and the tourism project must provide a match for the one percent state sales tax revenue. This bill is identical to SB 1193.

SUMMARY AS PASSED HOUSE:

Tourism zones; tax revenues for tourism projects. Entitles certain tourism projects to a percentage of the state and local sales tax revenues generated on the premise of the project, to be used towards debt service to bridge the gap between available debt and equity and the expected costs of the project. In order to qualify for the entitlement, the project must have at least 80 percent of the funding for the project in place. If a locality passes an ordinance adopting a tourism plan and identifies by ordinance a tourism project that meets a deficiency in the plan, and the Secretary of Commerce and Trade approves the project, then the project is entitled to one percent of the state sales tax generated on the premise of the project. The locality must also provide, by ordinance, one percent of the local sales generated on the premises, and the tourism project must provide a match for the one percent state sales tax revenue.

SUMMARY AS INTRODUCED:

Tourism zones; tax revenues for tourism projects. Authorizes a locality that has established a tourism zone and adopted, by ordinance, a tourism plan to enter into an agreement with an authorized tourism project that would entitle the tourism project to one percent of the sales tax revenues generated on the premises of the project. The revenues must be used for debt service, and must be matched by the tourism project. If the locality has not adopted a tourism plan, it may, by ordinance, enter into a similar agreement to return one percent of local sales tax revenues to the project.