| HB 0662 | Establishes Local Sales Tax for Economic Development |
| Sponsor: | SEARS | Handling House Bill: | |
| Committee: | COMC | LR Number: | L1183.03C |
| Last Action: | 03/13/95 - HCS Reported Do Pass H Commerce Committee | ||
| Title: | |||
| Effective Date: | |||
HB0662 Sears, Jim
P R E F I L E D
HB 662 -- County Sales Tax for Economic Development
This bill authorizes counties to impose a sales tax of up to 0.5% on all retail sales made in the county, if the voters approve the imposition of the tax at a countywide, statewide general, primary or special election.
All revenues from the sales tax are to be deposited into a special state trust fund, the Local Economic Development Sales Tax Trust Fund, to be redistributed to the counties. These revenues may be used only for economic development purposes within the county imposing the tax, except that 1% of the revenues collected will be deposited in the General Revenue Fund, to cover the costs of collection and payment of premiums for the surety bonds required by current law.