Retail Sales and Use Tax; mixed use developments that include affordable housing. (SB575)
Introduced By
Sen. Ken Stolle (R-Virginia Beach)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Sales tax exemption; mixed use developments that include affordable housing. Entitles a locality or a local redevelopment authority to the sales tax revenues generated on the premises of a mixed-use development that incorporates residential units, provided that at least 20 percent of the residential units are used for affordable housing. The mixed-use development would have to be certified by the Department of Housing and Community Development as a qualifying project. The sales tax revenues would be used to service the payments on obligations issued by the locality or the redevelopment authority for the mixed-use development. The entitlement to the sales tax revenues would not exceed 35 years. The obligations would have to be issued by July 1, 2010. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/11/2006 | Prefiled and ordered printed; offered 01/11/06 069145820 |
01/11/2006 | Referred to Committee on Finance |
01/30/2006 | Fiscal impact statement from TAX (SB575) |
02/14/2006 | Left in Finance (15-Y 0-N) |