HB396: Enterprise zones; provides combined state and local sales and use tax rate therein.

Chief Patron

Sen. Don McEachin (D-9)

Status

Bill is Dead

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Summary

Enterprise zones.  Provides that the combined state and local sales and use tax rate in an enterprise zone shall be 2.5% and authorizes localities to increase the local license tax thresholds from $50,000 and $100,000 to $250,000 and $500,000, respectively. Revenues from the 2.5% sales and use tax shall be distributed as follows: 1% shall be distributed in the same manner as the local sales and use tax, 1% shall be distributed to the general fund of the state treasury, and 0.5% shall be distributed to the Transportation Trust Fund.   View Full Text »