Bill > SB2987

This bill amends Chapter 131 of the Private Acts of 1969, as amended, regarding the allocation of revenue from the privilege tax on occupancy in a hotel in Shelby County, Tennessee. The key provisions are: 1. Through Fiscal Year 2025, the Convention and Visitors Bureau (CVB) will receive an increasing amount of funding (starting at $3.3 million in 1995-1996 and increasing by 5% annually) from the hotel occupancy tax, subject to availability of funds. 2. Commencing Fiscal Year 2026, the hotel occupancy tax revenue will be allocated as follows: 35.75% to the CVB, up to $11.4 million (plus any growth) to cover the county's commitments for a new or renovated indoor sports facility, and the remainder allocated between the CVB (up to 61.25%) and the county. Upon retirement of the sports facility bonds, the allocation will be 61.25% to the CVB and 35.75% to the county. 3. The act requires approval by a two-thirds vote of the Shelby County legislative body before taking effect.

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB2987&ga=113