Bill > S0900

This bill establishes the Restaurant and Hotel Renovation Tax Refund Program, which allows eligible businesses that undertake significant renovations to hotels or restaurants to receive a refund of a portion of the sales taxes they generate. An "eligible business" is defined as an entity operating a hotel or restaurant that completes a "qualifying project," which involves substantial investment in renovations, such as spending at least $2 million on a hotel or $100,000 on a restaurant, with specific minimums for guest rooms or kitchens, respectively. The "Department of Economic Opportunity" will review applications to ensure the business is eligible and the project qualifies, verifying renovation costs and the increase in sales tax revenue generated by the improved business. Once verified, the "Department of Revenue" will issue tax refund payments to the approved applicant, with the refund amount capped at 50% of the incremental sales tax revenue increase and not exceeding 20% of the total project costs. This program aims to incentivize economic development by encouraging investment in the hospitality and food service industries.