Sales and use tax; entitlement to revenues from tourism projects. (HB1308)

Introduced By

Del. Buddy Fowler (R-Ashland)

Progress

Introduced
Passed Committee
Passed House
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

Bill Has Passed

History

DateAction
01/21/2022Committee
01/21/2022Presented and ordered printed 22104360D
01/21/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #2
01/30/2022Impact statement from TAX (HB1308)
01/31/2022Subcommittee recommends reporting (9-Y 0-N)
02/02/2022Reported from Finance (17-Y 4-N) (see vote tally)
02/04/2022Read first time
02/07/2022Read second time and engrossed
02/08/2022Read third time and passed House (86-Y 13-N)
02/08/2022VOTE: Passage (86-Y 13-N) (see vote tally)
02/09/2022Constitutional reading dispensed
02/09/2022Referred to Committee on Finance and Appropriations
03/01/2022Reported from Finance and Appropriations with amendments (16-Y 0-N) (see vote tally)
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/02/2022Read third time
03/02/2022Reading of amendments waived
03/02/2022Committee amendments agreed to
03/02/2022Engrossed by Senate as amended
03/02/2022Passed Senate with amendments (40-Y 0-N) (see vote tally)
03/02/2022Senate amendments rejected by House (0-Y 99-N)
03/02/2022VOTE: Rejected (0-Y 99-N) (see vote tally)
03/02/2022Senate insisted on amendments (39-Y 0-N) (see vote tally)
03/02/2022Senate requested conference committee
03/02/2022House acceded to request
03/02/2022Conferees appointed by House
03/02/2022Delegates: Fowler, Robinson, Sullivan
03/02/2022Conferees appointed by Senate
03/02/2022Senators: Barker, Petersen, Norment
03/10/2022C Amended by conference committee
03/10/2022Conference report agreed to by House (82-Y 18-N)
03/10/2022VOTE: Adoption (82-Y 18-N) (see vote tally)
03/11/2022Conference report agreed to by Senate (34-Y 6-N) (see vote tally)
03/21/2022Enrolled
03/21/2022Bill text as passed House and Senate (HB1308ER)
03/21/2022Signed by President
03/22/2022Signed by Speaker
03/22/2022Enrolled Bill communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
03/23/2022Impact statement from TAX (HB1308ER)
04/11/2022G Approved by Governor-Chapter 468 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0468)

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