Signed by Governor Mike Kehoe

Vote Smart's Synopsis:

Vote to pass a bill that establishes tax credits for athletic and entertainment facility projects, provides funding for such projects, and includes provisions on the funding of projects, applicable credits, and eligibility requirements for taxpayers.

Highlights:

• Establishes tax credits for athletic and entertainment facility projects, provides funding for such projects, and includes provisions on the funding of projects, applicable credits, and eligibility requirements for taxpayers (Sec. A).

• Amends and modifies such tax credit by requiring certified sponsors to be active members of the Sports Events and Tourism Association rather than of the National Association of Sports Commissions (Sec. A).

• Repeals and removes the definition of "eligible costs" and bases the amount of the tax credit on either the number of admission tickets sold or the number of registered participants (Sec. A).

• Requires an applicant to submit a ticket sales or box office statement, or a list of registered participants, rather than documentation of eligible costs (Sec. A).

• Extends the sunset on the tax credit from August 28, 2025, to August 28, 2032 (Sec. A).

• Specifies that the provisions of this bill shall become effective beginning July 1, 2026 (Sec. A).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes tax credits for athletic and entertainment facility projects, provides funding for such projects, and includes provisions on the funding of projects, applicable credits, and eligibility requirements for taxpayers.

Highlights:

• Establishes tax credits for athletic and entertainment facility projects, provides funding for such projects, and includes provisions on the funding of projects, applicable credits, and eligibility requirements for taxpayers (Sec. A).

• Amends and modifies such tax credit by requiring certified sponsors to be active members of the Sports Events and Tourism Association rather than of the National Association of Sports Commissions (Sec. A).

• Repeals and removes the definition of "eligible costs" and bases the amount of the tax credit on either the number of admission tickets sold or the number of registered participants (Sec. A).

• Requires an applicant to submit a ticket sales or box office statement, or a list of registered participants, rather than documentation of eligible costs (Sec. A).

• Extends the sunset on the tax credit from August 28, 2025, to August 28, 2032 (Sec. A).

• Specifies that the provisions of this bill shall become effective beginning July 1, 2026 (Sec. A).

Full Bill Text