CHARLOTTE — The N.C. General Assembly has approved a long-sought extension of the local food and beverage tourism tax, freeing up financing for a potential renovation or replacement of the Carolina Panthers’ NFL stadium.
Charlotte hospitality industry executives lobbied for the bill during the legislature’s long session, which ended in September. The bill approved yesterday was part of a series of final moves by lawmakers to wrap up loose ends following a stalled budget process that stretched three months past the start of the new fiscal year on July 1.
The 1% tax on prepared food and drinks — restaurant meals, bar tabs, and so on — would have expired in 2034. It will now expire in 2060 after lawmakers passed a bill this week that allows for multiple counties to levy or extend various tourism taxes.
Food and beverage tax revenue can be used for improvements and construction of sports facilities and the convention center.
Panthers owner David Tepper has said any major changes to the stadium or a replacement would be contingent upon funding from both the NFL franchise and taxpayers. The Panthers are believed to be leaning toward toward a major renovation rather than replacing Bank of America Stadium.
Read the full story on CBJ’s website here.
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