Arena tax break approved by state House
- Thread starter snovalleyhockeyfan
- Start date
BattleBorn
50% to winning as many division titles as Toronto
Part of the deal to get OVG to spend their money in Seattle Center instead of elsewhere, I suppose. Worth noting that it also applies to the Northgate site as well.
From my quick reading, it's just eliminating (deferring) the sales and use taxes for purchasing materials and other taxes/fees in conjunction with the construction effort. They return to normal tax operation once the places open and the "deferred" taxes are then paid over the next eight years.
Essentially they don't have to pay taxes while they're not collecting revenue, then they re-pay the amounts due once they're in business.
From my quick reading, it's just eliminating (deferring) the sales and use taxes for purchasing materials and other taxes/fees in conjunction with the construction effort. They return to normal tax operation once the places open and the "deferred" taxes are then paid over the next eight years.
Essentially they don't have to pay taxes while they're not collecting revenue, then they re-pay the amounts due once they're in business.
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