House passes hotel tax-break bill
JACKSON — Hotels that make major renovations could recoup some of their costs through a tax break through a bill the state House passed unanimously Thursday.
“This is not just a tourism incentive, it’s a revitalization measure for a lot of areas,” said state Rep. Diane Peranich, D-DeLisle, chairman of House Tourism. “A lot of hotels have gone down in appearance, lost their accreditation (with franchises). This would allow them to invest in their properties, enhance their appearance and help their municipalities and enhance our state tourism product.”
House Bill 1162 would allow hotels that spend a minimum of $2 million, or $10,000 per room, in renovations to recoup up to 20 percent of that cost over a period up to 10 years. It gives the companies a 25 percent break on sales taxes until it has equaled 20 percent of the costs, or 10 years is up, whichever comes first.
Sun Herald
2/10/11
Magnolia Tribune
