Tourism Investment Amendment Act

What this bill does

This bill makes it easier and more affordable for businesses to invest in Bermuda's tourism industry. It extends tax breaks on imported materials, gives businesses more time to complete construction projects, and changes when the tax relief period starts.

If passed (voted YES)

• Hotels, restaurants, and tourist attractions get longer to build or renovate their properties (refurbished hotels get 2 years instead of 18 months, attractions get 3 years instead of 1 year)
• Businesses can import building materials, furniture, and equipment without paying customs duties for longer periods and starting earlier in their projects
• Tourism investment incentives for restaurants and attractions are extended from 5 years to 10 years, meaning more businesses can apply for these benefits

If rejected (voted NO)

• Current shorter deadlines for completing tourism projects remain in place, potentially making it harder for businesses to finish on time
• Businesses continue paying full customs duties on imported materials under the current, less generous timeline
• The opportunity to attract more tourism investment through extended incentives is missed

Who it affects

This primarily affects hotel owners, restaurant operators, and tourist attraction developers who want to build new facilities or renovate existing ones. It also benefits tourists and the broader Bermuda economy through potentially improved tourism facilities and job creation.