AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
The Major Events Trust Fund (METF) is a cost-effective economic development tool used to attract to venues located in Texas major events that might otherwise go to other states. The METF applies local and state revenues generated from sales and use, auto rental, and alcoholic beverage taxes by certain major events to pay the costs incurred from hosting the events. The increase in visitor spending on transportation, lodging, food and alcohol, and other items has a positive economic impact to the state and the arena hosting the event. The METF allows Texas cities to compete with other United States cities for headline events.
S.B. 309 proposes adding three events to the list of eligible projects under the statute: the Academy of Country Music Awards, a national political convention of the Republican National Committee, and a national political convention of the Democratic National Committee.
As proposed, S.B. 309 amends current law relating to the events eligible to receive funding through a major events trust fund.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Sections 5A(a)(4) and (5), Chapter 1507 (S.B. 456), Acts of the 76th Legislature, Regular Session, 1999 (Article 5190.14, V.T.C.S.), as follows:
(4) Redefines "event" to include the Academy of Country Music Awards, or a national political convention of the Republican National Committee or the Democratic National Committee.
(5) Redefines "site selection organization" to include the Academy of Country Music, or the Republican National Committee or the Democratic National Committee.
SECTION 2. Effective date: upon passage or September 1, 2011.