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Senate Bill 2453 |
Senate Author: Williams |
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Effective: 9-1-09 |
House Sponsor: Otto |
Senate Bill 2453 amends the law relating to the East Montgomery County Improvement District to expand the definition of "venue," as it relates to the district's ability to impose a tax, to include a tourist development area along an inland waterway. The district is authorized to issue bonds for any district purpose, including for the purpose of an economic development program. Current law provides for the automatic reduction of a municipality's sales and use tax to a rate that, when added to the district's rate, does not exceed two percent if as a result of the imposition or increase in the district sales and use tax the overlapping sales and use tax in a municipality located in the district will exceed two percent. The bill extends this automatic reduction to the tax rate of a political subdivision in the district. The bill authorizes the district to issue bonds and revises conditions under which the district may be enlarged.