Bill > SB0211

This bill allows an entity managing a stadium designed for NCAA Division I Football Championship Subdivision (FCS) intercollegiate football games, as well as international and high school soccer matches and other local events, to receive a special allocation of state and local sales tax revenue. This revenue would come from ticket sales for events held in the stadium, as well as all sales of food, drinks, merchandise, and parking on the stadium's premises or adjacent facilities. The purpose of this allocation, which begins January 1, 2027, and continues until stadium debt is paid off or July 1, 2056, whichever comes first, is to fund capital projects and operational expenses for the stadium. Importantly, this provision applies only to stadiums located in counties with a population between 366,200 and 366,300, according to the 2020 federal census or later, and the designated stadium entity must reimburse the state for any costs associated with reallocating these tax revenues. Additionally, if any of this sales tax revenue was previously allocated to a municipality, that municipality can negotiate annual payments from the stadium entity, substantially equal to the prior allocation, through an agreement that expires on June 30, 2032, and the stadium entity must provide proof of this agreement to the commissioner of revenue to receive the tax allocation.