NC S914

Reduces the Buncombe County Tourism Development Authority's administrative expense cap from 10% to 5% of gross proceeds collected annually.

Changes fund allocation from three-fourths to two-thirds for marketing and promotion activities, with the remainder split evenly between the Tourism Product Development Fund and the Legacy Investment From Tourism Fund.

Increases the debt service commitment limit for Tourism Product Development Fund projects from 10 years to 15 years for any single project, while maintaining a 33% average net funds limit over a rolling three-year average.

Expands Tourism Development Authority board composition to include vacation rental owners and operators, restaurant owners, brewery/distillery/winery owners, and ticketed arts organization executives.

Establishes definitions for vacation rental management companies, vacation rental management company owners, and vacation rental owners for purposes of Authority membership and fund eligibility, effective July 1, 2022.