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Senate Bill 1515 |
Senate Author: Watson |
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Effective: 9-1-09 |
House Sponsor: McCall et al. |
Senate Bill 1515 amends the law to rename the Other Events trust fund as the Major Events trust fund, add the Breeder's Cup World Championships and a Formula One automobile race to the events that are eligible for assistance from the trust fund, and authorize additional counties and municipalities to use the trust fund. The bill amends the definitions of "endorsing county" and "endorsing municipality" to add a county or municipality, respectively, that does not contain a site selected by a site selection organization for an event; is included in the market area for the event as designated by the comptroller of public accounts; and is a party to an event support contract. The bill provides that an event is eligible for funding from the Major Events trust fund only if a site selection organization selects a site located in Texas for the event after considering, through a highly competitive selection process, one or more sites that are not located in Texas; a site selection organization selects a site in Texas as the sole site for the event; and the event is held not more than one time in any year. The bill requires the comptroller to determine the incremental increase in the receipts from certain taxes that are directly attributable to the preparation for and presentation of the event for a one-year period that begins two months before the date on which the event will begin. If the comptroller determines that an event will generate at least $15 million in state and local tax revenue, the bill authorizes the comptroller and one or more endorsing municipalities or endorsing counties to enter into an agreement to require an amount of local tax revenue determined by the comptroller and state revenue appropriated by the legislature for that purpose to be deposited in the Major Events trust fund before the event. The bill authorizes the comptroller to make disbursements from the trust fund in accordance with the agreement to pay costs relating to attracting and securing the event. On termination of the agreement, the total amount of the state's initial contribution must be repaid to the state from any source specified in the agreement. The bill authorizes an agreement to allow funds to be held in the trust fund and made available to pay the cost of securing the event in future years.
Senate Bill 1515 renames the Sporting Events trust fund as the Events trust fund, removes minimum population requirements for use of the trust fund by an endorsing county or endorsing municipality, and redefines "event" to remove references to major sporting or athletic events. The bill provides that an event is eligible for funding from the Events trust fund only if a site selection organization selects a site located in Texas for the event after considering, through a highly competitive selection process, one or more sites that are not located in Texas; a site selection organization selects a site in Texas as the sole site for the event or the sole site for the event in a region composed of Texas and one or more adjoining states; and the event is held not more than one time in Texas or an adjoining state in any year. The bill authorizes the comptroller, in determining the amount of state revenue available for deposit in the trust fund, to consider whether the event has been held in Texas on previous occasions and whether changes to the character of the event could affect the incremental increase in receipts collected and remitted to the state by an endorsing county or municipality.
Senate Bill 1515 authorizes a municipality or county to remit to the comptroller for deposit in the Major Events trust fund or the Events trust fund other local funds, including surcharges and user fees, in lieu of the local tax revenue determined by the comptroller as directly attributable to the preparation for and presentation of the event. The bill requires the comptroller to base a determination of the amount of the incremental increase in tax receipts attributable to an event on information submitted by the local organizing committee, endorsing municipality, or endorsing county. The bill authorizes the comptroller to adopt rules necessary to implement the bill's provisions relating to both funds. Additionally, Senate Bill 1515 removes minimum population requirements for use of the Motor Sports Racing trust fund by an endorsing county or endorsing municipality.