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Senate Bill 0499


Senate Bill 0499

ARCHIVE (2003)

Latest Information

 

DIGEST OF INTRODUCED BILL


Sales tax increment funding for tourism. Establishes the tourism supplemental revenue fund to be administered by the department of commerce. Provides that money in the fund may be used by the department of commerce for the promotion and development of tourism in Indiana. Requires the department of state revenue (department) to require retail merchants to report on all state gross retail and use tax returns filed after June 30, 2003, and before January 1, 2016, an industry code listed in the North American Industry Classification System Manual to allow the department to classify certain merchants as tourism related merchants. For all calendar years beginning after December 31, 2004, and ending before January 1, 2016, requires the auditor of state to transfer from those funds receiving state gross retail and use tax collections to the tourism supplemental revenue fund, an amount equal to the lesser of: (1) 10% of the difference between the state gross retail and use taxes collected from tourism related merchants in the previous calendar year, minus those taxes collected from tourism related merchants in the calendar year ending December 31, 2003; or (2) the amount deposited in the tourism supplemental fund in the immediately preceding calendar year plus $3,000,000.
    Current Status:
     In Committee - first House
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