summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
2013 Regular Session
Bill Summary
Authorizes use of certain local option tourist development taxes to pay debt service on bonds & other specified costs relating to financing renovation of certain professional sports franchise facilities; requires that levy of additional tax for such use must be by specified vote of board of county commissioners & after approval in specified referendum; provides for nonapplicability of prohibition on levy of such tax in charter counties that impose convention development tax; provides for monthly distribution of specified amount of sales tax revenues to facility certified by DEO as professional sports franchise renovation facility; authorizes DEO to screen & certify applicants for funding as professional sports franchise renovation facility; defines "professional sports franchise renovation facility"; authorizes previously certified new or retained professional sports facility to be eligible for additional certification & funding as professional sports franchise renovation facility; requires department to determine that specified requirements have been met before certifying applicant as professional sports franchise renovation facility; limits expenditure of certain revenues by certified professional sports franchise renovation facility to specified purposes.
AI Summary
This bill allows counties to use certain local tourist taxes to help pay for renovations of professional sports franchise facilities, provided that the county commissioners approve the tax by a specific vote and voters approve it in a referendum. It also allows for the monthly distribution of a set amount of sales tax revenue to facilities certified by the Department of Economic Opportunity (DEO) as "professional sports franchise renovation facilities," which are defined as sports facilities that have been a league-authorized location for a professional sports franchise for at least 20 years and meet other specific criteria, including a renovation cost exceeding $300 million with more than half of the construction costs paid by private sources. Previously certified new or retained professional sports facilities can also become eligible for this additional certification and funding. The bill also clarifies that previously certified facilities cannot receive additional certification unless it is as a renovation facility, and it limits how these renovation funds can be spent, specifically for renovation costs and related debt service.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (5)
Other Sponsors (2)
Economic Affairs Committee (House), Finance and Tax Subcommittee (House)
Last Action
Died in Appropriations Committee (on 05/03/2013)
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