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

Introduced By

Sen. Don McEachin (D-Richmond)

Description

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. Read the Bill »

Outcome

History