Association president and CEO Roger Dow has made the proposal in prepared testimony to a House panel looking at the oil spill's impact on tourism.
Dow says in his remarks that a study his group commissioned found the spill could result in lost tourism in coastal areas to the tune of $22.7 billion over three years. He says the $500 million could come from either $20 billion BP has set aside to pay for economic damages or could be added to it.
The New Orleans Metropolitan Convention and Visitors Bureau made a similar proposal last month.
Clean-up crews are getting were back in place after tropical storm Bonnie chased them out of the Gulf Sunday and appeared to be finding less oil on the surface.
Pressure in the well was still rising and there's no talk of collecting oil anymore, just stopping it for good, reports CBS News correspondent Kelly Cobiella.