| 4 | 4 | | |
|---|
| 5 | 5 | | SENATE BILL 211 |
|---|
| 6 | 6 | | By Gardenhire |
|---|
| 7 | 7 | | |
|---|
| 8 | 8 | | |
|---|
| 9 | 9 | | SB0211 |
|---|
| 10 | 10 | | 000850 |
|---|
| 11 | 11 | | - 1 - |
|---|
| 12 | 12 | | |
|---|
| 13 | 13 | | AN ACT to amend Tennessee Code Annotated, Title 67, |
|---|
| 14 | 14 | | Chapter 6, relative to sales and use taxes. |
|---|
| 15 | 15 | | |
|---|
| 16 | 16 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: |
|---|
| 17 | 17 | | SECTION 1. Tennessee Code Annotated, Section 67-6-103(d)(1)(A), is amended by |
|---|
| 18 | 18 | | adding the following as a new subdivision: |
|---|
| 19 | 19 | | (ix) Notwithstanding the allocations provided for in subsection (a), if a stadium, |
|---|
| 20 | 20 | | which is designed to host games of an intercollegiate football team that competes in the |
|---|
| 21 | 21 | | NCAA Division I Football Championship Subdivision (FCS), games of international and |
|---|
| 22 | 22 | | high school soccer teams, and local and regional events, exists in a county having a |
|---|
| 23 | 23 | | population of not less than three hundred sixty-six thousand two hundred (366,200) nor |
|---|
| 24 | 24 | | more than three hundred sixty-six thousand three hundred (366,300) according to the |
|---|
| 25 | 25 | | 2020 federal census or any subsequent federal census, and only if the entity designated |
|---|
| 26 | 26 | | to govern the operations of the stadium reimburses the state for costs to reallocate |
|---|
| 27 | 27 | | apportionments of the tax revenue under this section, then an amount must be |
|---|
| 28 | 28 | | apportioned and distributed to the entity equal to the amount of state and local sales tax |
|---|
| 29 | 29 | | revenue, excluding any portion of local sales taxes that otherwise would be allocated for |
|---|
| 30 | 30 | | school purposes, derived from the sale of admissions to all events occurring within the |
|---|
| 31 | 31 | | stadium and from all sales of food, drinks, merchandise, and authorized goods and |
|---|
| 32 | 32 | | products sold from a location on the premises of the stadium in conjunction with an |
|---|
| 33 | 33 | | event occurring at the stadium, parking charges, and related services. Amounts |
|---|
| 34 | 34 | | apportioned and distributed to the entity must be for the exclusive use of the entity to |
|---|
| 35 | 35 | | fund capital projects at the stadium, including the payment of debt service for capital |
|---|
| 36 | 36 | | |
|---|
| 37 | 37 | | |
|---|
| 38 | 38 | | - 2 - 000850 |
|---|
| 39 | 39 | | |
|---|
| 40 | 40 | | projects, and operation expenses associated with the stadium. The allocation provided |
|---|
| 41 | 41 | | under this subdivision (d)(1)(A)(ix) must continue until the debt service is retired, or July |
|---|
| 42 | 42 | | 1, 2055, whichever is sooner. |
|---|
| 43 | 43 | | SECTION 2. This act takes effect July 1, 2025, the public welfare requiring it. |
|---|