Introduced Senate Bill (S)

Authored by

DIGEST

Funding for certain sporting events. Provides that a municipality or county may apply to the budget agency for funding from incremental state sales and income taxes to pay certain costs related to: (1) applying or bidding for selection as the site of a sporting event; (2) planning for or conducting the sporting event; (3) improving, constructing, renovating, or acquiring facilities that are directly associated with or attributable to the sporting event; and (4) paying principal and interest on debt entered into to improve, construct, renovate, or acquire facilities that are directly associated with or attributable to the sporting event. Specifies Funding for certain sporting events. Provides that a municipality or county may apply to the budget agency for funding from incremental state sales and income taxes to pay certain costs related to: (1) applying or bidding for selection as the site of a sporting event; (2) planning for or conducting the sporting event; (3) improving, constructing, renovating, or acquiring facilities that are directly associated with or attributable to the sporting event; and (4) paying principal and interest on debt entered into to improve, construct, renovate, or acquire facilities that are directly associated with or attributable to the sporting event. Specifies the information that must be in the application for funding and specifies the factors that the budget agency shall consider in determining whether to approve or disapprove an application for funding. Provides that the budget agency may not approve an application for funding unless the economic impact attributable to the sporting event will be at least $500,000. Provides that if the budget agency approves an application for funding for a sporting event, the budget agency shall specify: (1) the percentage of incremental sales and income taxes that may be used to provide the funding; and (2) the required local matching share of the funding for the sporting event. Specifies that: (1) the funding may not be used to match the first 25% of the costs of the sporting event; (2) after local funding has been provided or secured for the first 25% of the costs, funding may be provided on a matching basis for the next 50% of the costs; (3) the remaining 25% of the costs shall be funded entirely from state funding; (4) the budget agency may specify a maximum amount of funding that will be provided; and (5) in determining the amount of funding and matching amounts, the budget agency shall include any expenditures made by the state to directly support the sporting event and any expenditures made by the state for infrastructure necessary to support the sporting event. Specifies that after an application for funding for a sporting event is approved, the department of state revenue must determine the estimated amount of incremental state sales and income taxes that will be imposed and that are directly attributable, as determined by the department, to the preparation for and presentation of the sporting event. Provides that for purposes of the department's determination of the estimated amount of incremental taxes, the office of tourism development shall designate a market area for the sporting event for which the office determines there is a reasonable likelihood of measurable economic impact directly attributable to the preparation for and presentation of the sporting event. Requires the auditor of state to transfer a percentage (as determined by the budget agency) of the estimated amount of incremental taxes to a special account that is used to provide funding for the sporting event. Specifies the process to be used by a municipality or county to request and to receive a distribution of the incremental taxes to pay for costs that are directly associated with or attributable to the sporting event and that are related to or specifically referenced by an event support contract requirement. Provides that any balance remaining in the special account on the date that is one year after the sporting event reverts to the state general fund. Requires a municipality or county that receives a distribution to provide certain information to the budget agency after the conclusion of the sporting event. ... View more