Sales and use tax; entitlement to revenues from tourism projects.

Sales and use tax; entitlement to revenues from tourism projects. Entitles a major tourism project, defined in the bill, to the revenues generated by a two percent state sales and use tax on transactions taking place on its premises, to be used for debt service on gap financing for the project. The entitlement is subject to review and approval by the MEI Project Approval Commission. As defined in the bill, gap financing includes a developer's primary debt financing, as well as any refinancing thereof, if the entitlements to tax revenues are pledged as collateral for such primary debt financing. The bill provides that, to qualify for the revenues, the project must meet a deficiency…