VA HB1262 | 2024 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2024 - 25% progression, died in committee
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Local sales tax entitlement; blighted retail district. Entitles a blighted retail district in Stafford County that undergoes a major reconstruction or renovation involving a capital investment of at least $15 million to the one percent local sales tax revenue generated on the premises of the project to be used towards debt service to bridge the gap between available debt and equity and the expected costs of the project. The bill states that in order to qualify for the entitlement, the project must have at least 70 percent of the funding for the project in place. The bill specifies that the blighted retail project must provide a match for the one percent local sales tax revenue.

Tracking Information

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Title

Local sales tax entitlement; blighted retail district.

Sponsors


History

DateChamberAction
2024-02-13HouseLeft in Finance
2024-02-02HouseAssigned Finance sub: Subcommittee #2
2024-01-10HouseReferred to Committee on Finance
2024-01-10HousePrefiled and ordered printed; offered 01/10/24 24103435D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581608.3:1(n/a)See Bill Text

Virginia State Sources


Bill Comments

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