Modifies provisions relating to certain convention and sports facility authorities

HB 1229 allows authorities managing regional sports facilities to access up to 50% of new state sales tax revenue generated within their designated project area, capped at $5 million annually per facility and $10 million total statewide. Authorities must submit detailed applications proving economic impact - including job creation, revenue estimates, and infrastructure plans - before receiving funds, with county tax rates required to be at maximum levels. The bill directly affects local authorities building or operating facilities designed to attract out-of-state visitors year-round, such as stadiums or convention centers. Funds are deposited into a separate account and distributed only after state approval, with strict limits on annual disbursements.