Hotel Development Act -- Substitute to Bill #29 -0082

The Senate Commitee on Rules and Judiciary will take up the proposed Hotel Development Act -- Substitute to Bill #29 -0082 at its meeting tomorrow (Thursday June 9, 2011). Sponsored by Senator Louis Patrick Hill, the bill is designed to stimulate new hotel, resort and casino development on St. Croix by providing tax incentives to potential developers. Specifically, the bill will allow developers of new hotels and resorts to pledge hotel room taxes and casino taxes to pay off their debt obligations in construction of the hotel or resort.

Supporters of the bill say tax incentives are necessary for developers to attract financing in today's troubled economy. Opponents say the bill gives an unfair advantage to new hotels over existing hotels and resorts whose hotel room taxes and casino taxes support the Tourism Revolving Fund to advertise and market the Virgin Islands as a tourist destination.

Attached is a copy of the eight-page Substitute Bill.

If you would like to offer your comments on the Subsitute Bill, please email them to the Chamber no later that 4 p.m. today.

Thank you for your interest and comments.

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bill_no_29-0082_amendment.pdf