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DIGEST OF INTRODUCED BILL
Special retail districts. Allows a city or town to designate a special retail district if the designation is for a proposed economic development project that meets the following criteria: (1) The district is established for the purpose of undertaking a project or series of projects involving a total private capital investment of more than $100,000,000. (2) The total capital investment for the project or series of projects will be more than $500,000,000 at the completion of the project or series of projects. (3) The economic development project would not otherwise be accomplished through the ordinary operations of private investment. Provides that a special retail district may not exceed 400 acres. Provides that if a district is designated, 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: (1) paid monthly by the treasurer of the state to the fiscal officer of the unit that imposed the tax; and (2) deposited into a special fund. Allows money in the special fund to be used by the unit's redevelopment commission for any purpose for which a property tax increment may be used by a redevelopment commission.