Sales and use tax; entitlement to revenues from tourism projects. (HB1308)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Sales and use tax; entitlement to revenues from tourism projects. Entitles a major tourism project, defined in the bill, to the revenues generated by a two 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. The entitlement is subject to review and approval by the MEI Project Approval Commission. As defined in the bill, gap financing includes a developer's primary debt financing, as well as any refinancing thereof, if the entitlements to tax revenues are pledged as collateral for such primary debt financing. The bill provides that, to qualify for the revenues, the project must meet a deficiency identified in a local tourism plan approved by the Virginia Tourism Authority and the private developer and the locality in which the project is located must each contribute funds equal to the two percent sales and use tax contribution, which are also to be used for the gap financing payment. Current law allows certain tourism projects to qualify for revenues generated by a one percent state sales and use tax or a 1.5 percent state sales and use tax. The bill provides that a major tourism project is eligible for the increased revenues if it involves a new private capital investment of at least $500 million; will result in the creation of at least 500 net new jobs; and supports increased hotel occupancy, an increase in out-of-state visitors, and other factors of significant fiscal and economic impact. The bill contains technical amendments. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/21/2022 | Committee |
01/21/2022 | Presented and ordered printed 22104360D |
01/21/2022 | Referred to Committee on Finance |
01/27/2022 | Assigned Finance sub: Subcommittee #2 |
01/30/2022 | Impact statement from TAX (HB1308) |
01/31/2022 | Subcommittee recommends reporting (9-Y 0-N) |
02/02/2022 | Reported from Finance (17-Y 4-N) (see vote tally) |
02/04/2022 | Read first time |
02/07/2022 | Read second time and engrossed |
02/08/2022 | Read third time and passed House (86-Y 13-N) |
02/08/2022 | VOTE: Passage (86-Y 13-N) (see vote tally) |
02/09/2022 | Constitutional reading dispensed |
02/09/2022 | Referred to Committee on Finance and Appropriations |
03/01/2022 | Reported from Finance and Appropriations with amendments (16-Y 0-N) (see vote tally) |
03/02/2022 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
03/02/2022 | Read third time |
03/02/2022 | Reading of amendments waived |
03/02/2022 | Committee amendments agreed to |
03/02/2022 | Engrossed by Senate as amended |
03/02/2022 | Passed Senate with amendments (40-Y 0-N) (see vote tally) |
03/02/2022 | Senate amendments rejected by House (0-Y 99-N) |
03/02/2022 | VOTE: Rejected (0-Y 99-N) (see vote tally) |
03/02/2022 | Senate insisted on amendments (39-Y 0-N) (see vote tally) |
03/02/2022 | Senate requested conference committee |
03/02/2022 | House acceded to request |
03/02/2022 | Conferees appointed by House |
03/02/2022 | Delegates: Fowler, Robinson, Sullivan |
03/02/2022 | Conferees appointed by Senate |
03/02/2022 | Senators: Barker, Petersen, Norment |
03/10/2022 | C Amended by conference committee |
03/10/2022 | Conference report agreed to by House (82-Y 18-N) |
03/10/2022 | VOTE: Adoption (82-Y 18-N) (see vote tally) |
03/11/2022 | Conference report agreed to by Senate (34-Y 6-N) (see vote tally) |
03/21/2022 | Enrolled |
03/21/2022 | Bill text as passed House and Senate (HB1308ER) |
03/21/2022 | Signed by President |
03/22/2022 | Signed by Speaker |
03/22/2022 | Enrolled Bill communicated to Governor on March 22, 2022 |
03/22/2022 | G Governor's Action Deadline 11:59 p.m., April 11, 2022 |
03/23/2022 | Impact statement from TAX (HB1308ER) |
04/11/2022 | G Approved by Governor-Chapter 468 (effective 7/1/22) |
04/11/2022 | G Acts of Assembly Chapter text (CHAP0468) |