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House Bill 1358


House Bill 1358

ARCHIVE (2006)

Latest Information

 

DIGEST OF HB 1358 (Updated January 30, 2006 10:43 pm - DI 73)


Special economic development project districts. Allows: (1) a city; or (2) a county that contains a city; that has designated an economic development project district (EDPD) to designate the EDPD as a special retail district for retail projects and attractions that meet certain criteria. Provides that if the special retail district is approved by the budget agency after review by the budget committee, an additional 1% sales tax applies to retail transactions within the district. Specifies that this additional 1% sales tax is imposed, paid, and collected in the same manner as the state sales tax. Requires the amounts received from the additional 1% sales tax to be paid monthly by the treasurer of the state to the county fiscal officer and deposited into a special fund. Allows money in the special fund to be used for any purpose that a property tax increment could be used. Authorizes a city in which a retail project or attraction that meets certain investment criteria is located to designate an EDPD. (Current law allows only four specifically listed cities to designate an EDPD.) Authorizes the use of sales tax increment financing in the EDPD for retail projects and attractions meeting certain investment criteria.
Current Status:
 2nd Reading in Progress
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