BILL ANALYSIS Senate Research Center S.B. 601 84R2609 GCB-D By: West Natural Resources & Economic Development 2/25/2015 As Filed
BILL ANALYSIS
Senate Research Center S.B. 601
84R2609 GCB-D By: West
Natural Resources & Economic Development
2/25/2015
As Filed
Senate Research Center
S.B. 601
84R2609 GCB-D
By: West
Natural Resources & Economic Development
2/25/2015
As Filed
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT The Major Events Trust Fund (METF) is a cost-effective economic development tool used to attract major events to venues located in Texas that might otherwise go to other states. The METF applies local and state revenues generated from sales and use, auto rental, and alcoholic beverage taxes by certain major events to pay the costs incurred from hosting the events. The increase in visitor spending on transportation, lodging, food and alcohol, and other items has a positive impact to the state and the arena hosting the event. S.B. 601 adds the Elite Rodeo Association as an eligible project under the statute. The change would not affect any other METF legislation previously enacted by the legislature. As proposed, S.B. 601 amends current law relating to the eligibility of Elite Rodeo Association World Championships for funding from the Major Events trust fund. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Sections 5A(a)(4) and (5), Chapter 1507 (S.B. 456), Acts of the 76th Legislature, Regular Session, 1999 (Article 5190.14, V.C.T.S.), as follows: (4) Redefines "event," to include an Elite Rodeo Association World Championship. (5) Redefines "site selection organization" to include the Elite Rodeo Association. SECTION 2. Effective date: upon passage or September 1, 2015.
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
The Major Events Trust Fund (METF) is a cost-effective economic development tool used to attract major events to venues located in Texas that might otherwise go to other states. The METF applies local and state revenues generated from sales and use, auto rental, and alcoholic beverage taxes by certain major events to pay the costs incurred from hosting the events. The increase in visitor spending on transportation, lodging, food and alcohol, and other items has a positive impact to the state and the arena hosting the event. S.B. 601 adds the Elite Rodeo Association as an eligible project under the statute. The change would not affect any other METF legislation previously enacted by the legislature.
As proposed, S.B. 601 amends current law relating to the eligibility of Elite Rodeo Association World Championships for funding from the Major Events trust fund.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Sections 5A(a)(4) and (5), Chapter 1507 (S.B. 456), Acts of the 76th Legislature, Regular Session, 1999 (Article 5190.14, V.C.T.S.), as follows:
(4) Redefines "event," to include an Elite Rodeo Association World Championship.
(5) Redefines "site selection organization" to include the Elite Rodeo Association.
SECTION 2. Effective date: upon passage or September 1, 2015.