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Senate Bill 1678 |
Senate Author: Deuell et al. |
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Effective: 6-14-13 |
House Sponsor: Isaac et al. |
Senate Bill 1678 amends the law relating to events and expenses that are eligible for disbursements from the major events trust fund or the events trust fund. Among other provisions, the bill redefines "event" for purposes of disbursements from the major events trust fund to include the X Games, a mixed martial arts championship, and the largest event held each year at a sports entertainment venue described by the bill. The bill adds to the requirements for funding from the major events trust fund that the event will generate an incremental increase in state and local tax receipts in an amount that equals or exceeds $1 million, and it adds a qualifying provision to this requirement for an event scheduled to be held each year for a period of years. The bill limits the number of requests for funding from the events trust fund for events that the comptroller determines will result in an incremental increase in tax receipts of less than $200,000. The bill limits a disbursement from either fund if an obligation is incurred under a games or event support contract to make a structural improvement or add a fixture to an event site and that improvement or fixture is expected to derive most of its value in subsequent uses of the site for future events.
Current law requires the comptroller to post the results of a study conducted by the comptroller of the measurable economic impact directly attributable to an event eligible for disbursements from the major events trust fund. Senate Bill 1678 requires the comptroller to also post any source documentation or other information relied on by the comptroller for the study and lists additional documentation and information relating to such an event that must be posted on the comptroller's Internet website. Among other provisions, the bill requires the comptroller, after the conclusion of an event eligible for disbursements from either trust fund, to compare information on the actual attendance at the event with the estimated attendance numbers, and it authorizes the comptroller to reduce the amount of a disbursement from the fund if the actual attendance figures are significantly lower than the estimated attendance numbers. The bill also requires the comptroller to conduct a study to determine the economic impact of the events that qualify for funding through an events trust fund and whether the events would likely be held in Texas in the absence of the incentives provided through the fund.