Bill > HB5088

This bill modifies the Major Events Reimbursement Program and Events Trust Fund in Texas, making several key changes to how local governments handle financial reporting and fund contributions for major events. The bill requires local organizing committees, municipalities, or counties to complete an economic impact study within 10 months after an event and post detailed results on their website, including information about tax receipts, documentation of event requests, and verification of meeting established deadlines. It changes the language from municipalities and counties being allowed to remit local money to the events trust fund to mandating that they must do so, specifically within 90 days after an event concludes. The bill also adjusts how state tax revenue is calculated for the events trust fund, removing the term "retained" and focusing on remitted municipal and county tax revenue. Additionally, the legislation allows endorsing municipalities or counties to guarantee event support contract obligations by pledging surcharges from user fees like parking or ticket fees, in addition to local money deposited. The bill repeals a previous section of the government code related to municipal and county tax revenues and is set to take effect on September 1, 2025, providing local governments and event organizers time to prepare for these new requirements.

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https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB5088