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Bill > SB0211
TN SB0211
TN SB0211AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 6, relative to sales and use taxes.
summary
Introduced
01/16/2025
01/16/2025
In Committee
Crossed Over
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, authorizes an entity designated to operate a stadium designed to host games of an intercollegiate football team that competes in the NCAA Division I Football Championship Subdivision (FCS) to receive a special allocation of state and local sales tax revenue derived from the sale of admission to events occurring within the stadium and from all sales of food, drinks, merchandise, and parking sold on the premises of the stadium to fund capital and operation expenses for the stadium. - Amends TCA Title 67, Chapter 6.
AI Summary
This bill amends Tennessee tax law to create a special sales tax allocation mechanism for a specific stadium in a county with a population between 366,200 and 366,300 (based on the 2020 census). The bill allows the designated entity operating a stadium that hosts NCAA Division I Football Championship Subdivision (FCS) football games, international and high school soccer games, and local and regional events to receive both state and local sales tax revenues generated from the stadium. These revenues would include taxes from event admissions, food, drinks, merchandise, and parking sold on the stadium premises. The entity must first reimburse the state for the tax reallocation costs. The collected funds can only be used for stadium capital projects, including debt service, and operational expenses. This tax allocation will continue until either the stadium's debt is fully paid or July 1, 2055, whichever occurs first. The bill is set to take effect on July 1, 2025, and appears to be tailored to support a specific stadium's financial sustainability through a dedicated tax revenue stream.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (2)
Last Action
Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025 (on 04/17/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0211&ga=114 |
| Fiscal Note - SB0211 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB0211.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB0211.pdf |
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