TO: | Honorable John Davis, Chair, House Committee On Economic & Small Business Development |
FROM: | Ursula Parks, Director, Legislative Budget Board |
IN RE: | HB1019 by Patrick, Diane (Relating to conforming the eligibility under a major events trust fund of a National Collegiate Athletic Association Division I Football Bowl Subdivision postseason event with the changes to the Bowl Championship Series system.), As Introduced |
The bill would amend Article 5190.14 of Vernon's Texas Civil Statutes, with regard to events eligible for the Major Events Trust Fund, to add (1) any successor to the National Collegiate Athletic Association (NCAA) Bowl Championship Series, and (2) an NCAA Division I Football Bowl Subdivision post season playoff or championship game.
Eligibility for participation in the Major Events Trust Fund is limited to those events listed in the statute. It is potentially viable that any or all of the events proposed could be in place of, or newly labeled versions of, an existing event. As named in the bill, the proposed NCAA events identified and added by the bill either have never been held in Texas or have not yet been initiated. If the site selection organization for one of these events were to choose a Texas site to host the event, the host community would be eligible to request creation of a Major Event Trust Fund account. Upon approval by the Comptroller, the Comptroller would be authorized to transfer to the trust fund the estimated state revenue gain from hosting the event. The program requires local matching funds to be deposited in the trust fund to draw down the state share. The Comptroller would be authorized to reimburse the host city and/or county governments for eligible expenses related to the event. Trust fund reimbursements would be made directly from the incremental increases in certain taxes generated by the event.
The bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2013.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | UP, RB, SD, AG, LCO
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