Bill > S229

This bill establishes a restaurant and hotel community reinvestment program, which aims to encourage economic development by offering incentives for significant renovations to hotels and restaurants. The program defines "qualified applicants" as entities owning and operating hotels or restaurants in the Commonwealth, and sets specific minimum renovation expenditure thresholds for "qualified hotels" (at least $2 million, with at least $10,000 per guest room) and "qualified restaurants" (at least $100,000 for various improvements including dining areas, kitchens, and exterior upgrades). These renovation costs, termed "qualified renovation expenditures," must be verified by an independent Certified Public Accountant. The bill also introduces the concept of "incremental sales tax revenue increase," which is the difference between the sales tax collected before and after a project's completion, suggesting this increase might be a basis for the program's incentives, though the specific mechanism for reinvestment is not detailed in this excerpt. The "Department" refers to the Massachusetts Office of Business Development, and the "Director" is its Executive Director.