McDonnell Approves Three Tourism Bills

By Amber Lester Kennedy Friday, May 27, 2011

A Sen. Tommy Norment-sponsored bill that will create a Tourism Development Grant Program was signed into law by Gov. Bob McDonnell on Wednesday.

Norment’s bill was one of three approved by the governor as part of his “Opportunity to Work” legislative package. The measures aim to increase tourism and attract new business.

“Tourism brings good jobs and much needed revenue to my district of Williamsburg and every corner of the Commonwealth as Virginians travel within the state and as visitors from across the country and around the world choose to visit Virginia,” Norment said. “ Through the creation of the Tourism Development Grant Program we will be able to provide a mechanism by which local tourism projects can fill a potential funding gap in order to get new projects off the ground. This is a great means to help grow the important tourism industry in Virginia.”

The Tourism Development Grant Program will allow certain locally endorsed tourism projects to temporarily retain a portion of state and local tax revenue generated from the project, combined with a matching contribution from the developer to provide gap financing for the project.

Del. Sal Iaquinto (R-Virginia Beach) sponsored a bill to create a business license incentive program. The new law will allow any locality to provide relief from license taxes to any business located in that locality for the first two years.

Another bill signed into law will direct revenue generated by commercial spaceflight to the Virginia Commercial Space Flight Authority to develop Wallops Island as a more attractive spaceport.

Tourism generates $17.7 billion in revenue annually for Virginia, and supports 204,500 jobs, McDonnell said.