HB1395 - Youth sports and tourism development areas.

3 Co-Sponsors

Youth sports and tourism development areas. Allows the legislative body of a city or town to adopt a resolution establishing a youth sports and tourism development area (tax area). Requires that the tax area include a facility or complex of facilities used by youth sports teams and organizations for practice or competitive sporting events. Requires the legislative body to make findings when adopting a resolution. Requires the legislative body to submit a resolution establishing a tax area to the budget committee and budget agency for review and approval. Allows a tax area to receive incremental state and local income tax revenue and incremental sales tax revenue attributable to the tax area. Requires a city or town that establishes a tax area to establish a youth sports and tourism development area fund. Limits the amount of incremental tax revenue that may be allocated to $1,000,000 per tax area per state fiscal year. Provides that a tax area terminates not later than 25 years after the date on which the first obligation payable from tax revenues allocated to the tax area is incurred.