Louisiana House Bill HB1229

Louisiana 2014 Regular Session

• Introduced: 4/1/14
• Refer: 4/2/14

Caption

Establishes the Louisiana Sporting, Special Events, and Major Conventions Fund as a special treasury fund

Impact

This bill modifies the existing framework for funding major events by creating a more defined approach to utilizing state tax revenues. Specifically, it allows for the establishment of a fund that aggregates tax revenues from successful events to support subsequent bidding and hosting processes. By ensuring these funds are invested wisely and not drawn from the general fund, it helps maintain financial stability while promoting further event attraction efforts.

Summary

House Bill 1229 establishes the Louisiana Sporting, Special Events, and Major Conventions Fund as a special treasury fund to financially support the state and its entities in bidding for and hosting qualified sporting events, special events, and major conventions. The fund is designed to reinvest a portion of the incremental state tax revenues generated from these events into future events, thus fostering economic growth through enhanced state tax revenues and bolstering Louisiana's special event industry without compromising the state general fund.

Sentiment

General sentiment around HB 1229 appears positive, particularly among those involved in Louisiana's tourism and events sectors. Supporters see this fund as a crucial mechanism for driving economic development by promoting state involvement in competitive event hosting. However, there may be concerns related to funding allocations and the potential for the fund to be misallocated or underutilized.

Contention

One notable point of contention revolves around how the fund's money is managed and monitored. The proposed bill requires regulations and oversight from established administrative bodies, suggesting that legislative and community scrutiny will be necessary to ensure accountability and effectiveness. Critics may argue about the prioritization of funds, emphasizing the need for transparency and efficient use of public resources in order to maximize the benefits derived from this initiative.