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Senate adopts SD1 to create climate/resiliency fund funded by temporary TAT increase; debate centers on allocation and transparency
Summary
The committee passed SB 1396 with an SD1 that establishes a Climate Mitigation and Resiliency Special Fund and an Economic Revitalization Special Fund funded by an increase in the transient accommodations tax (TAT); DBEDT and HTA supported the concept while some senators asked for clearer allocation and bookkeeping.
The Senate passed SB 1396 with an SD1 to create two new special funds—one for climate mitigation and resiliency and one for economic development and revitalization—financed by a phased increase in the transient accommodations tax (TAT).
Nut graf: The measure would use a portion of a proposed temporary TAT increase to generate roughly $180 million annually (estimate provided in committee) and then allocate approximately 7.3% of total revenue to each special fund, which proponents said would create a dedicated revenue stream for wildfire mitigation, shoreline restoration and resilience projects while also allowing targeted economic revitalization in tourism districts. The Attorney General…
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