NC S73

Town of Richlands Board of Aldermen authorized to levy a room occupancy tax of up to 3% on accommodations rentals, in addition to existing state and local sales taxes

Net tax proceeds remitted quarterly to a newly created Town of Richlands Tourism Development Authority, with at least two-thirds of funds required for travel and tourism promotion and the remainder for tourism-related expenditures

Administrative costs capped at 3% of the first $500,000 in gross proceeds collected annually and 1% of remaining receipts

Tourism Development Authority membership must include at least one-third from businesses collecting the tax and at least one-half from individuals active in tourism promotion; Authority required to report quarterly and annually to the Board of Aldermen

Adds Richlands to the list of North Carolina municipalities authorized under G.S. 160A-215 to levy occupancy taxes; effective upon becoming law