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2012 SESSION

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HB 1116 Retail Sales and Use Tax; distribution of revenue collected in certain public facilities.

Introduced by: Israel D. O'Quinn | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Entitlement to sales and use tax revenues; development of regional impact.  Entitles the City of Bristol to retain certain sales and use taxes generated on the premises of a development of regional impact located in the City, to pay bonds issued for the development. The bill sets forth numerous criteria that a development must meet in order to qualify. The bill is identical to SB 607. 

SUMMARY AS PASSED HOUSE:

Sales and use tax revenue; distribution to the City of Bristol.  Provides that a portion of the sales and use tax revenue attributable to sales made in a development of regional impact in the City of Bristol pursuant to a public-private partnership shall be distributed to the City of Bristol to pay the cost of bonds issued to pay the cost of the development of regional impact.

SUMMARY AS INTRODUCED:

Sales and use tax revenue collected in certain public facilities.  Provides that a portion of the sales and use tax revenue attributable to sales made in a development of regional impact in the City of Bristol pursuant to a public-private partnership shall be distributed to the City of Bristol to pay the cost of bonds issued to pay the cost of the development of regional impact.