Tourism project of regional significance; entitlement to tax revenues. (SB1401)

Introduced By

Sen. Tommy Norment (R-Williamsburg) with support from co-patron Sen. Frank Ruff (R-Clarksville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Entitlement to tax revenues; tourism project of regional impact. Entitles a tourism project of regional significance that meets certain heightened criteria to the revenues generated by a 1.75 percent state sales and use tax on transactions taking place on its premises, to be used for debt service on gap financing for the project. Current law allows certain tourism projects to qualify for revenues generated by a one percent state sales and use tax. A project would be eligible for the increased revenues if it involves new private, capital investment of at least $100 million and supports increased hotel occupancy, job creation, and out-of-state visitors. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/22/2015Presented and ordered printed 15103862D
01/22/2015Referred to Committee on Finance
01/25/2015Impact statement from TAX (SB1401)
02/02/2015Impact statement from TAX (SB1401)
02/04/2015Reported from Finance with substitute (14-Y 0-N) (see vote tally)
02/04/2015Committee substitute printed 15104332D-S1
02/04/2015Incorporates SB975
02/05/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/06/2015Passed by for the day
02/09/2015Passed by for the day
02/10/2015Read second time
02/10/2015Reading of substitute waived
02/10/2015Committee substitute agreed to 15104332D-S1
02/10/2015Reading of amendments waived
02/10/2015Amendments by Senator Norment agreed to
02/10/2015Engrossed by Senate - committee substitute with amendments SB1401ES1
02/10/2015Printed as engrossed 15104332D-ES1
02/10/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/10/2015Passed Senate (33-Y 5-N) (see vote tally)
02/10/2015Impact statement from TAX (SB1401S1)
02/12/2015Placed on Calendar
02/12/2015Read first time
02/12/2015Referred to Committee on Finance
02/16/2015Reported from Finance (19-Y 1-N) (see vote tally)
02/17/2015Read second time
02/18/2015Read third time
02/18/2015Passed by temporarily
02/18/2015Amendment by Delegate Knight agreed to
02/18/2015Amendment by Delegate Farrell agreed to
02/18/2015Engrossed by House as amended
02/18/2015Passed House with amendments (75-Y 18-N)
02/18/2015VOTE: PASSAGE (75-Y 18-N) (see vote tally)
02/18/2015House amendments rejected by Senate (0-Y 36-N) (see vote tally)
02/18/2015House insisted on amendments
02/18/2015House requested conference committee
02/18/2015Senate acceded to request (37-Y 0-N) (see vote tally)
02/18/2015Conferees appointed by Senate
02/18/2015Senators: Norment, Wagner, Alexander
02/18/2015Conferees appointed by House
02/18/2015Delegates: Hugo, Farrell, Watts
02/23/2015C Amended by conference committee
02/23/2015Conference substitute printed 15105391D-S2
02/23/2015Conference report agreed to by Senate (39-Y 1-N) (see vote tally)
02/23/2015Conference report agreed to by House (79-Y 17-N)
02/23/2015VOTE: ADOPTION (79-Y 17-N) (see vote tally)
02/25/2015Enrolled
02/25/2015Bill text as passed Senate and House (SB1401ER)
02/25/2015Signed by Speaker
02/26/2015G Governor's Action Deadline Midnight, Monday, March 30, 2015
02/26/2015Signed by President
02/26/2015Enrolled Bill Communicated to Governor on 2/26/15
02/26/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/16/2015Impact statement from TAX (SB1401ER)
03/19/2015G Approved by Governor-Chapter 349 (effective 7/1/15)
03/19/2015G Acts of Assembly Chapter text (CHAP0349)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 42 seconds.