Bill > SB2633

This bill expands the definition of a "qualified public use facility" under the Local Tourism Development Zone Business Tax Act to include mixed-use developments that feature a performance venue with at least 2,500 seats, and it allows municipalities or public authorities that have financed such a facility within a tourism development zone to use allocated sales tax revenue for authorized purposes, including debt retirement for the venue. Specifically, it amends Tennessee Code Annotated (TCA) Title 7 and Title 67, allowing sales tax revenues collected within a tourism development zone to be used for purposes outlined in the Local Tourism Development Zone Business Tax Act or other relevant sales tax laws, and it clarifies that sales tax revenue from food, drink, ticket sales, parking, and other goods and services at such a venue can be used to pay off debt related to its construction or renovation, with certain limitations on educational tax revenue. The bill also specifies that this revenue allocation for debt service will continue until the debt is paid off or for 30 years, whichever comes first, and it requires a significant public and private investment of at least $200 million for these mixed-use developments to qualify.