{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3851.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3851.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3851.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3851.1.html"}],"law_id":73135,"edition_id":1,"section_id":73135,"structure_id":16392,"section_number":"58.1-3851.1","catch_line":"Entitlement to tax revenues from tourism project","history":"2011, cc. 646, 814; 2012, cc. 73, 572; 2015, cc. 203, 349; 2022, c. 468.","full_text":"A\n\nFor purposes of this section:\n\t\t\t“Economic development authority” means a local industrial development authority or a local or regional political subdivision, the public purpose of which is to assist in economic development.\n\t\t\t“Gap financing” means debt financing to compensate for a shortfall in project funding between the expected development costs of an authorized tourism project and the debt and equity capital provided by the developer of the project.B\n\n1. If a locality has established a tourism zone pursuant to \u00a7 58.1-3851, has adopted an ordinance establishing a tourism plan as determined by guidelines set forth by the Virginia Tourism Authority, and has adopted an ordinance authorizing a tourism project to meet a deficiency identified in the adopted tourism plan approved by the Virginia Tourism Authority, and the tourism project has been certified by the State Comptroller as qualifying for the entitlement to tax revenues authorized by this section, the authorized tourism project shall be entitled to an amount equal to the revenues generated by a one percent state sales and use tax on transactions taking place on the premises of the authorized tourism project. The entitlement shall be contingent on the locality enacting an ordinance designating certain local tax revenues to the tourism project pursuant to subsection C and shall be subject to the conditions set forth in subsection D. The purpose of such entitlement shall be to assist the developer with obtaining gap financing and making payments of principal and interest thereon. The entitlement shall continue until the gap financing is paid in full. Entitled sales and use tax revenues shall be applied solely to payments of principal and interest on the qualified gap financing.2\n\nOn a quarterly basis, the Tax Commissioner shall certify the amount of the entitled sales and use tax revenues to the Comptroller, who shall remit such revenues to the county or city in which the authorized tourism project is located. The county or city shall remit the revenues to the economic development authority. No payments herein shall be made until an agreement exists between the developer of the authorized tourism project and the economic development authority.3\n\nThe state sales and use tax entitlement established in subdivision 1 shall not include any (i) sales and use tax revenues dedicated pursuant to § 58.1-638 or 58.1-638.1 or (ii) revenues generated pursuant to Chapter 766 of the Acts of Assembly of 2013, the additional state sales and use tax in certain counties and cities assessed pursuant to subsection B of § 58.1-603.1 and subsection B of § 58.1-604.01; or the additional state sales and use tax in certain counties and cities of historic significance imposed under § 58.1-603.2.C\n\nIf a locality has adopted the ordinances required by subdivision B 1 to entitle an authorized tourism project to an amount equal to the revenues generated by a one percent state sales and use tax on transactions taking place on the premises of the authorized tourism project, the local governing body of the county or city in which the authorized tourism project is located shall also direct by ordinance that an amount equal to the revenues generated by at least a one percent local sales and use tax, or an equivalent amount of other local tax revenues as designated by the ordinance, generated by transactions taking place on the premises of the authorized tourism project shall be applied to the payment of principal and interest on the qualified gap financing. Such revenues shall be remitted in the same manner, for the same time period, and under the same conditions as the remittances paid in accordance with subsection B, mutatis mutandis.D\n\nPrior to any entitlement to tax revenues for an authorized tourism project pursuant to subsections B and C, the owner of such project shall have a minimum of 70 percent of funding for the project in place through debt or equity, enter into a performance agreement with the economic development authority or political subdivision, and enter into an agreement to pay an access fee. The access fee shall be equivalent to the state sales and use tax revenue generated by and returned to the project pursuant to subdivision B 1 and shall be collected by the locality and remitted to the economic development authority on a quarterly basis. The access fee and the sales and use tax entitlement shall be used solely to make payments of principal and interest on the qualified gap financing.E\n\nIn the event that the total amount of sales and use tax entitlement and the access fee exceeds any annual debt service on the qualified gap financing, such excess shall be paid to the principal of the loan until the qualified gap financing is paid in full.F\n\nA tourism project that is entitled to and receives revenues pursuant to this section shall not be eligible to receive revenues pursuant to § 58.1-608.3, 58.1-3851.2, or 58.1-3851.3.","order_by":null,"text":{"0":{"id":263335,"text":"For purposes of this section:\n\t\t\t“Economic development authority” means a local industrial development authority or a local or regional political subdivision, the public purpose of which is to assist in economic development.\n\t\t\t“Gap financing” means debt financing to compensate for a shortfall in project funding between the expected development costs of an authorized tourism project and the debt and equity capital provided by the developer of the project.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":263336,"text":"1. If a locality has established a tourism zone pursuant to \u00a7 58.1-3851, has adopted an ordinance establishing a tourism plan as determined by guidelines set forth by the Virginia Tourism Authority, and has adopted an ordinance authorizing a tourism project to meet a deficiency identified in the adopted tourism plan approved by the Virginia Tourism Authority, and the tourism project has been certified by the State Comptroller as qualifying for the entitlement to tax revenues authorized by this section, the authorized tourism project shall be entitled to an amount equal to the revenues generated by a one percent state sales and use tax on transactions taking place on the premises of the authorized tourism project. The entitlement shall be contingent on the locality enacting an ordinance designating certain local tax revenues to the tourism project pursuant to subsection C and shall be subject to the conditions set forth in subsection D. The purpose of such entitlement shall be to assist the developer with obtaining gap financing and making payments of principal and interest thereon. The entitlement shall continue until the gap financing is paid in full. Entitled sales and use tax revenues shall be applied solely to payments of principal and interest on the qualified gap financing.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"2":{"id":263337,"text":"On a quarterly basis, the Tax Commissioner shall certify the amount of the entitled sales and use tax revenues to the Comptroller, who shall remit such revenues to the county or city in which the authorized tourism project is located. The county or city shall remit the revenues to the economic development authority. No payments herein shall be made until an agreement exists between the developer of the authorized tourism project and the economic development authority.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B","next_prefix":"B3"},"3":{"id":263338,"text":"The state sales and use tax entitlement established in subdivision 1 shall not include any (i) sales and use tax revenues dedicated pursuant to § 58.1-638 or 58.1-638.1 or (ii) revenues generated pursuant to Chapter 766 of the Acts of Assembly of 2013, the additional state sales and use tax in certain counties and cities assessed pursuant to subsection B of § 58.1-603.1 and subsection B of § 58.1-604.01; or the additional state sales and use tax in certain counties and cities of historic significance imposed under § 58.1-603.2.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"4":{"id":263339,"text":"If a locality has adopted the ordinances required by subdivision B 1 to entitle an authorized tourism project to an amount equal to the revenues generated by a one percent state sales and use tax on transactions taking place on the premises of the authorized tourism project, the local governing body of the county or city in which the authorized tourism project is located shall also direct by ordinance that an amount equal to the revenues generated by at least a one percent local sales and use tax, or an equivalent amount of other local tax revenues as designated by the ordinance, generated by transactions taking place on the premises of the authorized tourism project shall be applied to the payment of principal and interest on the qualified gap financing. Such revenues shall be remitted in the same manner, for the same time period, and under the same conditions as the remittances paid in accordance with subsection B, mutatis mutandis.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"D"},"5":{"id":263340,"text":"Prior to any entitlement to tax revenues for an authorized tourism project pursuant to subsections B and C, the owner of such project shall have a minimum of 70 percent of funding for the project in place through debt or equity, enter into a performance agreement with the economic development authority or political subdivision, and enter into an agreement to pay an access fee. The access fee shall be equivalent to the state sales and use tax revenue generated by and returned to the project pursuant to subdivision B 1 and shall be collected by the locality and remitted to the economic development authority on a quarterly basis. The access fee and the sales and use tax entitlement shall be used solely to make payments of principal and interest on the qualified gap financing.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":263341,"text":"In the event that the total amount of sales and use tax entitlement and the access fee exceeds any annual debt service on the qualified gap financing, such excess shall be paid to the principal of the loan until the qualified gap financing is paid in full.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"7":{"id":263342,"text":"A tourism project that is entitled to and receives revenues pursuant to this section shall not be eligible to receive revenues pursuant to § 58.1-608.3, 58.1-3851.2, or 58.1-3851.3.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":16392,"edition_id":1,"name":"Local Tourism Zone","identifier":"10","label":"article","depth":4,"order_by":1,"parent_id":13307,"metadata":{},"date_created":"2026-06-26 04:16:25","date_modified":"2026-06-26 04:16:25","permalink":{"id":258407,"object_type":"structure","relational_id":16392,"identifier":"10","token":"58.1\/III\/38\/10","url":"\/58.1\/III\/38\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13307,"edition_id":1,"name":"Miscellaneous Taxes","identifier":"38","label":"chapter","depth":3,"order_by":1,"parent_id":12704,"metadata":{},"date_created":"2026-06-26 03:44:37","date_modified":"2026-06-26 03:44:37","permalink":{"id":258383,"object_type":"structure","relational_id":13307,"identifier":"38","token":"58.1\/III\/38","url":"\/58.1\/III\/38\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12704,"edition_id":1,"name":"Local Taxes","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":256459,"object_type":"structure","relational_id":12704,"identifier":"III","token":"58.1\/III","url":"\/58.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":67832,"structure_id":16392,"section_number":"58.1-3851","catch_line":"Creation of local tourism zones","url":"\/58.1-3851\/","token":"58.1\/III\/38\/10\/58.1-3851","metadata":false},{"id":73135,"structure_id":16392,"section_number":"58.1-3851.1","catch_line":"Entitlement to tax revenues from tourism project","url":"\/58.1-3851.1\/","token":"58.1\/III\/38\/10\/58.1-3851.1","metadata":false},{"id":85374,"structure_id":16392,"section_number":"58.1-3851.2","catch_line":"Entitlement to tax revenues from tourism project of regional significance","url":"\/58.1-3851.2\/","token":"58.1\/III\/38\/10\/58.1-3851.2","metadata":false},{"id":78617,"structure_id":16392,"section_number":"58.1-3851.3","catch_line":"Entitlement to tax revenues from a major tourism project","url":"\/58.1-3851.3\/","token":"58.1\/III\/38\/10\/58.1-3851.3","metadata":false}],"previous_section":{"id":67832,"structure_id":16392,"section_number":"58.1-3851","catch_line":"Creation of local tourism zones","url":"\/58.1-3851\/","token":"58.1\/III\/38\/10\/58.1-3851","metadata":false},"next_section":{"id":85374,"structure_id":16392,"section_number":"58.1-3851.2","catch_line":"Entitlement to tax revenues from tourism project of regional significance","url":"\/58.1-3851.2\/","token":"58.1\/III\/38\/10\/58.1-3851.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-3851.1\/","history_text":"

This law was first created in 2011. The record of its establishment is cataloged in chapters 646<\/a> and 814<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2012, chapters 73<\/a> and 572<\/a>; in 2015, chapters 203<\/a> and 349<\/a>; in 2022, chapter 468<\/a>.<\/p>","references":[{"id":80568,"section_number":"15.2-5933","catch_line":"Entitlement to tax revenues derived from the operation of facilities","order_by":null,"url":"\/15.2-5933\/"},{"id":56144,"section_number":"15.2-5946","catch_line":"Entitlement to tax revenues derived from the operation of a Facility","order_by":null,"url":"\/15.2-5946\/"},{"id":57817,"section_number":"58.1-3","catch_line":"Secrecy of information; penalties","order_by":null,"url":"\/58.1-3\/"},{"id":85374,"section_number":"58.1-3851.2","catch_line":"Entitlement to tax revenues from tourism project of regional significance","order_by":null,"url":"\/58.1-3851.2\/"},{"id":78617,"section_number":"58.1-3851.3","catch_line":"Entitlement to tax revenues from a major tourism project","order_by":null,"url":"\/58.1-3851.3\/"}],"refers_to":[{"id":67832,"section_number":"58.1-3851","catch_line":"Creation of local tourism zones","order_by":null,"url":"\/58.1-3851\/"},{"id":85374,"section_number":"58.1-3851.2","catch_line":"Entitlement to tax revenues from tourism project of regional significance","order_by":null,"url":"\/58.1-3851.2\/"},{"id":78617,"section_number":"58.1-3851.3","catch_line":"Entitlement to tax revenues from a major tourism project","order_by":null,"url":"\/58.1-3851.3\/"},{"id":85728,"section_number":"58.1-603.1","catch_line":"(For contingent effective date, see Acts 2020, c. 1235; for contingent expiration date, see Acts 2013, c. 766) Additional state sales tax in certain counties and cities","order_by":null,"url":"\/58.1-603.1\/"},{"id":61039,"section_number":"58.1-604.01","catch_line":"(For contingent effective date, see Acts 2020, c. 1235; for contingent expiration date, see Acts 2013, c. 766) Additional state use tax in certain counties and cities","order_by":null,"url":"\/58.1-604.01\/"},{"id":67607,"section_number":"58.1-608.3","catch_line":"Entitlement to certain sales tax revenues","order_by":null,"url":"\/58.1-608.3\/"},{"id":71974,"section_number":"58.1-638","catch_line":"Disposition of state sales and use tax revenue","order_by":null,"url":"\/58.1-638\/"},{"id":82361,"section_number":"58.1-638.1","catch_line":"Public Education Standards of Quality\/Local Real Estate Property Tax Relief Fund established","order_by":null,"url":"\/58.1-638.1\/"}],"permalink":{"id":258413,"object_type":"law","relational_id":73135,"identifier":"58.1-3851.1","token":"58.1\/III\/38\/10\/58.1-3851.1","url":"\/58.1-3851.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3851.1\/","token":"58.1\/III\/38\/10\/58.1-3851.1","dublin_core":{"Title":"Entitlement to tax revenues from tourism project","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3851.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For purposes of this section:\n\t\t\t“Economic development authority<\/span>” means a local industrial development authority or a local or regional political subdivision, the public purpose of which is to assist in economic development.\n\t\t\t“Gap financing<\/span>” means debt financing to compensate for a shortfall in project funding between the expected development costs of an authorized tourism project and the debt and equity<\/span> capital provided by the developer of the project. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> 1. If a locality has established a tourism zone pursuant to \u00a7 58.1-3851<\/a>, has adopted an ordinance<\/span> establishing a tourism plan as determined by guidelines set forth by the Virginia Tourism Authority, and has adopted an ordinance<\/span> authorizing a tourism project to meet a deficiency identified in the adopted tourism plan approved by the Virginia Tourism Authority, and the tourism project has been certified by the State Comptroller as qualifying for the entitlement to tax revenues authorized by this section, the authorized tourism project shall be entitled to an amount equal to the revenues generated by a one percent state sales and use tax on transactions taking place on the premises of the authorized tourism project. The entitlement shall be contingent on the locality enacting an ordinance<\/span> designating certain local tax revenues to the tourism project pursuant to subsection C and shall be subject to the conditions set forth in subsection D. The purpose of such entitlement shall be to assist the developer with obtaining gap financing<\/span> and making payments of principal and interest thereon. The entitlement shall continue until the gap financing<\/span> is paid in full. Entitled sales and use tax revenues shall be applied solely to payments of principal and interest on the qualified gap financing<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> On a quarterly basis, the Tax Commissioner<\/span> shall certify the amount of the entitled sales and use tax revenues to the Comptroller, who shall remit such revenues to the county or city in which the authorized tourism project is located. The county or city shall remit the revenues to the economic development authority<\/span>. No payments herein shall be made until an agreement exists between the developer of the authorized tourism project and the economic development authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The state sales and use tax entitlement established in subdivision 1 shall not include any (i) sales and use tax revenues dedicated pursuant to § 58.1-638<\/a> or 58.1-638.1<\/a> or (ii) revenues generated pursuant to Chapter 766 of the Acts of Assembly of 2013, the additional state sales and use tax in certain counties and cities assessed pursuant to subsection B of § 58.1-603.1<\/a> and subsection B of § 58.1-604.01<\/a>; or the additional state sales and use tax in certain counties and cities of historic significance imposed under § 58.1-603.2<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If a locality has adopted the ordinances<\/span> required by subdivision B 1 to entitle an authorized tourism project to an amount equal to the revenues generated by a one percent state sales and use tax on transactions taking place on the premises of the authorized tourism project, the local governing body of the county or city in which the authorized tourism project is located shall also direct by ordinance<\/span> that an amount equal to the revenues generated by at least a one percent local sales and use tax, or an equivalent amount of other local tax revenues as designated by the ordinance<\/span>, generated by transactions taking place on the premises of the authorized tourism project shall be applied to the payment of principal and interest on the qualified gap financing<\/span>. Such revenues shall be remitted in the same manner, for the same time period, and under the same conditions as the remittances paid in accordance with subsection B, mutatis mutandis<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Prior to any entitlement to tax revenues for an authorized tourism project pursuant to subsections B and C, the owner of such project shall have a minimum of 70 percent of funding for the project in place through debt or equity<\/span>, enter into a performance agreement with the economic development authority<\/span> or political subdivision, and enter into an agreement to pay an access fee. The access fee shall be equivalent to the state sales and use tax revenue generated by and returned to the project pursuant to subdivision B 1 and shall be collected by the locality and remitted to the economic development authority<\/span> on a quarterly basis. The access fee and the sales and use tax entitlement shall be used solely to make payments of principal and interest on the qualified gap financing<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In the event that the total amount of sales and use tax entitlement and the access fee exceeds any annual debt service on the qualified gap financing<\/span>, such excess shall be paid to the principal of the loan until the qualified gap financing<\/span> is paid in full. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A tourism project that is entitled to and receives revenues pursuant to this section shall not be eligible to receive revenues pursuant to § 58.1-608.3<\/a>, 58.1-3851.2<\/a>, or 58.1-3851.3<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nENTITLEMENT TO TAX REVENUES FROM TOURISM PROJECT (\u00a7 58.1-3851.1)\n\nA. For purposes of this section:\n\t\t\t“Economic development authority” means a local industrial\ndevelopment authority or a local or regional political subdivision, the public\npurpose of which is to assist in economic development.\n\t\t\t“Gap financing” means debt financing to compensate for a\nshortfall in project funding between the expected development costs of an\nauthorized tourism project and the debt and equity capital provided by the\ndeveloper of the project.\n\nB. 1. If a locality has established a tourism zone pursuant to \u00a7 58.1-3851, has\nadopted an ordinance establishing a tourism plan as determined by guidelines set\nforth by the Virginia Tourism Authority, and has adopted an ordinance\nauthorizing a tourism project to meet a deficiency identified in the adopted\ntourism plan approved by the Virginia Tourism Authority, and the tourism project\nhas been certified by the State Comptroller as qualifying for the entitlement to\ntax revenues authorized by this section, the authorized tourism project shall be\nentitled to an amount equal to the revenues generated by a one percent state\nsales and use tax on transactions taking place on the premises of the authorized\ntourism project. The entitlement shall be contingent on the locality enacting an\nordinance designating certain local tax revenues to the tourism project pursuant\nto subsection C and shall be subject to the conditions set forth in subsection\nD. The purpose of such entitlement shall be to assist the developer with\nobtaining gap financing and making payments of principal and interest thereon.\nThe entitlement shall continue until the gap financing is paid in full. Entitled\nsales and use tax revenues shall be applied solely to payments of principal and\ninterest on the qualified gap financing.\n\n 2. On a quarterly basis, the Tax Commissioner shall certify the amount of the\n entitled sales and use tax revenues to the Comptroller, who shall remit such\n revenues to the county or city in which the authorized tourism project is\n located. The county or city shall remit the revenues to the economic\n development authority. No payments herein shall be made until an agreement\n exists between the developer of the authorized tourism project and the\n economic development authority.\n\n 3. The state sales and use tax entitlement established in subdivision 1 shall\n not include any (i) sales and use tax revenues dedicated pursuant to §\n 58.1-638 or 58.1-638.1 or (ii) revenues generated pursuant to Chapter 766 of\n the Acts of Assembly of 2013, the additional state sales and use tax in\n certain counties and cities assessed pursuant to subsection B of §\n 58.1-603.1 and subsection B of § 58.1-604.01; or the additional state\n sales and use tax in certain counties and cities of historic significance\n imposed under § 58.1-603.2.\n\nC. If a locality has adopted the ordinances required by subdivision B 1 to\nentitle an authorized tourism project to an amount equal to the revenues\ngenerated by a one percent state sales and use tax on transactions taking place\non the premises of the authorized tourism project, the local governing body of\nthe county or city in which the authorized tourism project is located shall also\ndirect by ordinance that an amount equal to the revenues generated by at least a\none percent local sales and use tax, or an equivalent amount of other local tax\nrevenues as designated by the ordinance, generated by transactions taking place\non the premises of the authorized tourism project shall be applied to the\npayment of principal and interest on the qualified gap financing. Such revenues\nshall be remitted in the same manner, for the same time period, and under the\nsame conditions as the remittances paid in accordance with subsection B, mutatis\nmutandis.\n\nD. Prior to any entitlement to tax revenues for an authorized tourism project\npursuant to subsections B and C, the owner of such project shall have a minimum\nof 70 percent of funding for the project in place through debt or equity, enter\ninto a performance agreement with the economic development authority or\npolitical subdivision, and enter into an agreement to pay an access fee. The\naccess fee shall be equivalent to the state sales and use tax revenue generated\nby and returned to the project pursuant to subdivision B 1 and shall be\ncollected by the locality and remitted to the economic development authority on\na quarterly basis. The access fee and the sales and use tax entitlement shall be\nused solely to make payments of principal and interest on the qualified gap\nfinancing.\n\nE. In the event that the total amount of sales and use tax entitlement and the\naccess fee exceeds any annual debt service on the qualified gap financing, such\nexcess shall be paid to the principal of the loan until the qualified gap\nfinancing is paid in full.\n\nF. A tourism project that is entitled to and receives revenues pursuant to this\nsection shall not be eligible to receive revenues pursuant to § 58.1-608.3,\n58.1-3851.2, or 58.1-3851.3.\n\nHISTORY: 2011, cc. 646, 814; 2012, cc. 73, 572; 2015, cc. 203, 349; 2022, c.\n468.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}