Relating to local taxation; prescribing an effective date.

Summary

The bill tightens rules on transient lodging (hotel) taxes, preventing new taxes or rate increases after July 1 2003 unless approved beforehand, and sets spending caps on the revenue. It requires local governments to allocate at least 40% and no more than 60% of any new or increased tax revenue to tourism promotion, related facilities, or debt financing, with the remainder allowed for city or county services. The measure also creates a biennial reporting system to the Department of Revenue for transparency.

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