Virginia Beach arena; Virginia beach may use Arena Financing Fund to collect taxes for facility. (HB734)
Introduced By
Del. Israel O'Quinn (R-Bristol)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Beach arena. Provides that the City of Virginia Beach may use its Arena Financing Fund to collect sales and use tax revenues and remit such revenues to the private facility owner as a contribution toward the cost of the facility if the City has contributed infrastructure or real property to the owner. The bill also makes technical amendments to the existing sunset provisions. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/07/2014 | Committee |
01/07/2014 | Prefiled and ordered printed; offered 01/08/14 14102874D |
01/07/2014 | Referred to Committee on Counties, Cities and Towns |
01/10/2014 | Assigned CC & T sub: Subcommittee #1 |
01/24/2014 | Impact statement from TAX (HB734) |
01/29/2014 | Subcommittee recommends striking from docket |
01/31/2014 | Stricken from docket by Counties, Cities and Towns |
Comments
Will Virginia Beach residents share in arena/sports team profits? If not, public money shouldn't be used to fund private interests.
Will Virginia Beach residents share in the arena/sports team profits? If not, public money shouldn't be used to fund private interests. This is nothing but corporate welfare and a bad idea. Think this is a good idea? Ask any city that built an arena only to have the sports team leave several years later because public money handouts dried up.