Georgia Revamps Tourism Development Act
02 May, 2013
Georgia Gov. Nathan Deal has signed into law House Bill 318, which changes procedures in the Georgia Tourism Development Act. He signed the bill in a ceremony at the Atlanta Motor Speedway. The bill allows sales tax exemptions for 10 years for approved projects to stimulate the creation of tourism attractions or the expansion of existing attractions.
Companies will be required to meet the following criteria:
- Must cost a minimum of $1 million
- Must attract at least 25 percent of its visitors from out of state by its third year
- Must not directly compete with existing Georgia businesses
“With these new incentives, we hope to grow the industry even more by encouraging the construction of new attractions,” Deal says. “An existing Georgia business, such as the Atlanta Motor Speedway, also stands to benefit if it chooses to significantly expand or improve its campus.”
To learn more, visit the Georgia Department of Economic Development.
Illustration by Stuart Miles at Free Digital Photos.net
Compiled from Georgia Department of Economic Development press release.