Relating to events to receive funding through a major events trust fund.
Impact
The proposed changes are seen as potentially beneficial for local economies across Texas, as they could lead to increased tourism and business for the regions that host these events. The bill mandates a post-event study conducted by the comptroller to assess the measurable economic impacts derived from these events, thus ensuring accountability in how the funds are utilized. This study would be publicly posted, promoting transparency about the events' contributions to the economy.
Summary
Senate Bill 309 aims to modify the criteria for events that qualify for funding through Texas's Major Events Trust Fund. The bill expands the definition of 'events' eligible for funding to include a wider range of significant sporting and cultural happenings. This includes prestigious events such as the Super Bowl, NCAA tournaments, and the Academy of Country Music Awards, among others. By broadening the scope, the bill intends to enhance Texas's attractiveness as a host for major events that can stimulate local economies.
Contention
While supporters argue that SB309 will drive economic growth and position Texas as a premier location for high-profile events, there are concerns regarding the allocation of public funds for private events. Critics may emphasize the risk of public funds subsidizing events that may not generate sufficient return on investment for taxpayers. The specifics of how these funds are distributed and the economic analytics behind event selection will be critical points of discussion as the bill moves forward.
Relating to the major events reimbursement program, including event funding eligibility, site selection organizations, and single event and single year classifications.
Relating to the promotion of film and television production in this state, including the eligibility of film or television productions for funding under the major events reimbursement program, the creation of a film events trust fund and a film production tax rebate trust fund, the establishment of virtual film production institutes, and the designation of media production development zones.
Relating to nonsubstantive additions to, revisions of, and corrections in enacted codes and to the nonsubstantive codification or disposition of various laws omitted from enacted codes.
Relating to the regulation of sports wagering; requiring occupational permits; authorizing fees; imposing a tax; decriminalizing wagering on certain sports events; creating criminal offenses; providing administrative penalties.