Relating to the events trust fund and to abolishing the Pan American Games trust fund, Olympic Games trust fund, and motor sports racing trust fund.
What changed between versions
Repealed Chapters 476, 477, and 479, which governed the Pan American Games, Olympic Games, and motor sports racing trust funds, effectively abolishing these specific funds.
Added a new definition for 'Endorsing municipality' to clarify its role in the events trust fund framework.
Updated eligibility criteria for events to include specific modern sporting events like the College Football Playoff, MLB All-Star Game, and NBA All-Star Game, while removing references to the Pan American and Olympic Games.
Introduced a tiered multiplier system for state tax revenue transfers based on the population size of the county or municipality hosting the event, with higher multipliers for smaller communities.
Added a new requirement that municipalities or counties must submit funding requests no later than 90 days before the event begins.
Adjusted various deadlines for financial reporting and fund transfers, including requiring the office to determine tax receipt increases within 30 or 60 days of receiving committee information.
Modified the requirement for local organizing committees to submit annual financial statements within 90 days after the end of the reporting period.
Added a new section allowing endorsing municipalities or counties to guarantee obligations under event support contracts by pledging surcharges from user fees like parking or ticket fees.
