SCS/SBs 10 & 25 - The act creates a refundable income and financial institutions tax credit which may be available for sports commissions, certain nonprofit organizations, counties, and municipalities to offset expenses incurred in attracting amateur sporting events to the state. Applicants for the tax credit must submit game support contracts to the Department of Economic Development for approval. No support contract can be approved unless the site selection organization was choosing between sites both in an outside the state. The tax credit will be equal to the lesser of five dollars for each admission ticket sold for the event or one hundred percent of eligible expenses incurred. No more than three million dollars in tax credits may be issued per fiscal year. The tax credits are fully transferrable, provided a notarized endorsement is filed with the Department of Economic Development. The Department of Economic Development is prohibited from certifying game support contracts after August 28, 2019, but may certify game support contracts prior to that date for games to be held after August 28, 2019.
The act also creates an income, financial institutions, and corporate franchise tax credit equal to fifty percent of the amount of an eligible donation made, on or after January 1, 2013, to a certified sponsor or local organizing committee for the purposes of attracting sporting events to the state. The tax credit is non-refundable, but may be carried forward two years. The tax credit is transferable. Certified sponsors and local organizing committees may apply to the Department of Economic Development for the tax credits. Applications for tax credits must be accompanied by payment in an amount equal to the tax credits requested. The Department of Economic Development is prohibited from issuing more than ten million dollars in tax credits each fiscal year.
The provisions of this act shall automatically sunset six years after August 28, 2013, unless reauthorized.
This act is similar to HB 223 (2013), HB 369 (2013), HB 385 (2013), SCS/SBs 588 &585 (2012), a provision of SB 8 (1st Ex. Session 2011), SS/SB 203 (2011), SB 840 (2010), and HB 1786 (2010).