Signed by Governor Nathan Deal

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that reduces sales taxes on tourism projects, effective July 1, 2011.

Highlights:

• Authorizes an “approved company” undertaking a ‘tourism attraction project’ to receive a total sales tax refund equal to the lesser of (Sec. 2):
• The total amount of sales taxes generated by the tourism attraction above the sales taxes generated by the previous property use; or
• 25 percent of the “approved costs” for the tourism attraction project.

• Defines “approved company” as (Sec. 2):
• Any corporation, limited liability company, or any other entity that undertakes a “tourism attraction project” with “approved costs” over $1 million; and
• Any corporation, limited liability company, or any other entity that has been approved by the Governor and by the governing authority of the city or county where the tourism attraction project will be located.

• Defines “tourism attraction project” as (Sec. 2):
• Real estate acquisition;
• Equipping of a “tourism attraction”;
• Construction and installation of improvements to facilities necessary or desirable for the acquisition; and
• Construction and installation of a “tourism attraction.”

• Defines “approved costs” as items including, but not limited to (Sec. 2):
• All costs for construction materials and equipment;
• All costs of architectural and engineering services; and
• Obligations to laborers, vendors, contractors, and subcontractors.

• Defines “tourism attraction” as a facility designed to attract tourists to the State of Georgia including, but not limited to, the following (Sec. 2):
• Cultural or historical site;
• Recreation or entertainment facility;
• Convention hotel and conference center;
• Automobile race track with other tourism amenities;
• Golf course facility with other tourism amenities; or
• A marina or water park with lodging and restaurant facilities.

• Specifies that the sales tax refund for a tourism attraction project is valid for 10 years, beginning after the most recent of the following events (Sec. 2):
  
  • The date on which the company’s tourism attraction project was finally approved; or
  • The date the tourism attraction opens for business and begins to collect sales taxes.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reduces sales taxes on tourism projects, effective July 1, 2011.

Highlights:

• Authorizes an “approved company” undertaking a ‘tourism attraction project’ to receive a total sales tax refund equal to the lesser of (Sec. 2):
• The total amount of sales taxes generated by the tourism attraction above the sales taxes generated by the previous property use; or
• 25 percent of the “approved costs” for the tourism attraction project.

• Defines “approved company” as (Sec. 2):
• Any corporation, limited liability company, or any other entity that undertakes a “tourism attraction project” with “approved costs” over $1 million; and
• Any corporation, limited liability company, or any other entity that has been approved by the Governor and by the governing authority of the city or county where the tourism attraction project will be located.

• Defines “tourism attraction project” as (Sec. 2):
• Real estate acquisition;
• Equipping of a “tourism attraction”;
• Construction and installation of improvements to facilities necessary or desirable for the acquisition; and
• Construction and installation of a “tourism attraction.”

• Defines “approved costs” as items including, but not limited to (Sec. 2):
• All costs for construction materials and equipment;
• All costs of architectural and engineering services; and
• Obligations to laborers, vendors, contractors, and subcontractors.

• Defines “tourism attraction” as a facility designed to attract tourists to the State of Georgia including, but not limited to, the following (Sec. 2):
• Cultural or historical site;
• Recreation or entertainment facility;
• Convention hotel and conference center;
• Automobile race track with other tourism amenities;
• Golf course facility with other tourism amenities; or
• A marina or water park with lodging and restaurant facilities.

• Specifies that the sales tax refund for a tourism attraction project is valid for 10 years, beginning after the most recent of the following events (Sec. 2):
  
  • The date on which the company’s tourism attraction project was finally approved; or
  • The date the tourism attraction opens for business and begins to collect sales taxes.

Full Bill Text