Bill > S0306

This bill modifies existing Florida law to allow tourist development tax revenues, which are taxes collected on short-term lodging and other tourist-related services, to be used for paying off debt on bonds that finance the renovation of professional sports facilities. These facilities must be publicly owned or on public land, and either publicly operated or operated by the sports franchise owner or another qualified lessee. For renovations costing over $300 million, a specific process is required: a majority plus one vote from the county commissioners is needed to levy the tax, and voters must approve the use of these tax revenues in a referendum. Additionally, the bill establishes a new process for screening applicants seeking state funding for sports development projects, with the Department of Economic Opportunity (DEO) responsible for this screening and recommending projects to the Legislature. This new process, outlined in a new section of Florida Statutes (288.11625), defines terms like "applicant," "beneficiary," and "signature event" and sets criteria for evaluating projects based on their potential economic impact on the state, including job creation and attraction of out-of-state visitors. The bill also makes conforming changes to how local government half-cent sales taxes can be used, allowing them to be directed towards reimbursing the state for these sports development contracts.