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1999 Session

Budget Amendments - HB1450 (Member Request)

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Chief Patron: Jones,C.
State Sales Tax Revenue to Suffolk (language only)

Item 282 #2h

Item 282 #2h

Finance
Accounts, Department of

Language
Page 229, after line 57, insert:
"3.  There is hereby appropriated for payment to the City of Suffolk from the subprogram Remittance of Sales Tax Revenues from Public Facilities a sum sufficient equal to the state sales and use tax revenues the city would be entitled to from the passage of House Bill 1785."


Explanation
(This amendment entitles the City of Suffolk to state sales tax revenues generated from transactions at a new conference center and hotel owned by the city. The tax revenues would be used to repay the bonds issued by the City of Suffolk for the project. It is not possible at this time to determine the general fund loss from this amendment, so no corresponding revenue reduction amendment has been prepared.)