Bill > HB0397

This bill allows an entity managing a stadium designed for NCAA Division I Football Championship Subdivision (FCS) football games, as well as international, high school soccer, and local events, in a specific county (based on a population range of 366,200 to 366,300 according to the 2020 census) to receive a special allocation of state and local sales tax revenue. This revenue will come from sales of event admissions, food, drinks, merchandise, and parking within the stadium and related ancillary facilities. The collected taxes, excluding any portion designated for school purposes, will be used by the entity to fund capital expenses for the stadium, including debt service, and its operational costs. This allocation will continue until the stadium's debt is paid off or until July 1, 2056, whichever comes first. The bill also includes provisions for the stadium entity to negotiate annual payments with any municipality that would have otherwise received a portion of these sales taxes, ensuring the municipality receives an amount substantially equal to what it would have gotten before this new allocation, with these agreements expiring on June 30, 2032. To receive this special tax revenue, the stadium entity must provide the commissioner of revenue with a copy of its agreement with any affected municipality. The bill takes effect immediately upon becoming law.