HB 2475 Summary

• Establishes the State Capitol Centennial Restoration Trust Fund administered by the Legislative Governmental Mall Commission to receive monies for restoration, renovation, and improvement of the state capitol building.

• Creates economic recapture districts that can be established by municipalities or counties from October 1, 2011 through June 30, 2018, with boundaries limited to no more than 15% of any county, city, or town's land area.

• Directs state treasurer to distribute one-half of net new transaction privilege tax revenues collected within recapture district boundaries to both the district and the state capitol restoration trust fund, with the remainder going to the state general fund.

• Establishes the State Capitol and Economic Recapture Oversight Commission comprising legislative appointees, state officials, and public members to review capital improvement plans for state capitol restoration.

• Authorizes districts to issue bonds, enter contracts, acquire property, and make qualified expenditures for public infrastructure and facilities related to tourism, sporting, cultural, and civic activities; all districts must terminate by June 30, 2052.