Sentinel-Echo.com

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February 13, 2014

Restaurant tax could be used for more than just tourism

Kentucky League of Cities lobbies to move 75 percent of tax to general fund

(Continued)

LAUREL COUNTY, Ky. —

Based on the 2013 income from the transient room tax, if the London Tourism Commission levied a one percent transient room tax, they would bring in around $140,000 per year.

As of now, the proposed change by the Kentucky League of Cities is gaining momentum in the state legislature, but a bill has yet to be pre-filed.

If a new bill allowed a 75/25 percent split of restaurant tax, the city would generate $574,950 for the general fund and $191,650 for tourism with a one percent tax.

 In order for either tax — restaurant or transient room — to be levied, the city tourism commission will have to agree on an amount that they feel will adequately fund the events and services they will provide throughout the year.

Once a budget has been made and a plan for funding has been agreed upon, the commission will have to present their proposal to the London City Council, who will ultimately have the final vote on how taxes will be set.

The London Tourism and Convention Commission will meet at 5:30 p.m. on Monday, Feb. 17 at London City Hall.

 

rmcdaniel@sentinel-echo.com

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