HB 1436

Abstract

Sales tax revenues; entertainment arena. Adds entertainment arena to the definition of public facility to allow a locality to collect all sales tax revenues generated by transactions at such a facility, provided that a locality owns an interest in the facility and contributes to financing its construction. The bill also allows a municipality to issue bonds to finance a public facility on or after July 1, 2024, but prior to July 1, 2027, and adds Henrico County to the list of eligible localities.

Sales tax revenues; entertainment arena.Adds entertainment arena to the definition of public facility toallow a locality to collect all sales tax revenues generated by transactionsat such a facility, provided that a locality owns an interest in the facility and contributes to financing its construction. The billalso allows a municipality to issue bonds to finance a public facilityon or after July 1, 2024, but prior to July 1, 2027, and providesthat a municipality is entitled to all sales tax revenues from transactionsproducing revenues in connection with the development and constructionof such public facility, in addition to transactions taking placein such public facility.