Sales and Use Tax; creates a state sales tax and use tax in the Historic Triangle.

Creates a one percent state sales and use tax in the Historic Triangle. Fifty percent of the revenues will be used to market, promote, and advertise the Historic Triangle as an overnight tourism destination and the other 50 percent will be distributed to the localities in which the revenues were collected. The revenues for tourism will be deposited into a fund to be administered by the Tourism Council of the Greater Williamsburg Chamber and Tourism Alliance (the Council), created by the bill. The Council will oversee an office of tourism and will report annually to the chief executive officer of each locality in the Historic Triangle and to the Chairmen of the House Committees on Finance and Appropriations and the Senate Committee on Finance. The bill defines the Historic Triangle as the City of Williamsburg and the Counties of James City and York, an area of historic significance that generates substantial employment and economic benefit for the Commonwealth. The bill removes the authority of these localities to impose the current $2 transient occupancy tax used to promote tourism in the area. The bill is contingent on the City of Williamsburg repealing recent ordinances raising the local transient occupancy, food and beverage, and admission taxes and will expire if any of the localities in the Historic Triangle raise or reinstate such taxes in the next seven years.