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IN HB1243
Bill
Status
1/10/2019
Primary Sponsor
Holli Sullivan
Click for details
AI Summary
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Renames Vanderburgh County's convention center operating fund to the "convention center operating, capital improvement, and financial incentive fund"
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Expands permitted fund expenditures to include operating expenses, capital improvements, and financial incentives to attract new business conventions, trade shows, or special events
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Delays the reduction of innkeeper's tax deposits to the fund from 2% to 1% by six years, changing the transition date from January 1, 2020 to January 1, 2026
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Defines "new business" as an entity expecting at least 200 patrons to rent lodging for less than 30 days and that has not received a county financial incentive in the preceding 5 years
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Requires financial incentives to new businesses be distributed at least 30 days after the conclusion of their convention, trade show, or special event
Legislative Description
Vanderburgh County innkeeper's tax. Renames the convention center operating fund established under the Vanderburgh County innkeeper's statute to the convention center operating, capital improvement, and financial incentive fund (fund). Provides that expenditures from the fund for a convention center in Vanderburgh County may only be used for operating expenses, capital improvements, and financial incentives to attract new businesses. Changes the date on which innkeeper's tax revenue deposited in the fund decreases from the amount equal to revenue generated by a 2% innkeeper's tax rate to the amount equal to revenue generated by a 1% innkeeper's tax rate.
Last Action
First reading: referred to Committee on Ways and Means
1/10/2019