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

Bill Has Failed

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 069145820
01/11/2006Referred to Committee on Finance
01/30/2006Fiscal impact statement from TAX (SB575)
02/14/2006Left in Finance (15-Y 0-N)