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SB 269 - This act amends provisions of the nonresident entertainer and athlete tax relating to allocation of funds. The act requires the department of revenue to annually estimate the amount of revenue collected from the athletes and entertainers tax . Once collected, the revenue from such tax will be deposited in the "Nonresident Entertainer and Athlete Fund", which is created by this act. The act further provides for the annual distribution of twelve million dollars to the Jackson County Sports authority starting in fiscal year 2007 and ending fiscal year 2030. These funds are to be used exclusively for the repair, maintenance, and renovation of existing sports facilities. Starting in fiscal year 2007, eight and one half million dollars are to be allocated from the fund to the city of St. Louis for payment of principal, interest and maintenance of debt service for the Edward Jones Dome. In fiscal year 2008, the amount of the allocation is increased to ten and one half million dollars. For fiscal year 2009, the amount of the allocation is further increased to twelve and one half million dollars. For fiscal year 2010 and any subsequent fiscal year up to FY 2030, the amount of the allocation will be twelve million dollars. Upon payoff of the principal, interest, and maintenance of debt services associated with the Edward Jones Dome, all money allocated from the fund to the city of St. Louis will be used for a variety of investment expenses outlined in the bill. From fiscal year 2007 to FY 2030, an annual allocation of seven and one half million dollar shall be made to the Missouri Arts Council Trust Fund. For fiscal year 2007 to FY 2030, annual allocations of two million dollars will be made to each of the four remaining funds currently provided for in statute. As a result, the Missouri Humanities Council Trust Fund, Missouri State Library Networking Fund, Missouri Public Television Broadcasting Corporation Special Fund, and the Missouri Historic Preservation Revolving Fund, will each be allocated two million dollars of the annual estimate. For fiscal year 2007 and any subsequent fiscal year up to FY 2030, if there is any remaining revenue in the "Nonresident Entertainer and Athlete Fund",such revenue will be divided and allocated proportionately among each of the seven aforementioned funds, except that money allocated to the city of St. Louis will be used for a variety of investment expenses instead of debt service expenses incurred by the Edward Jones Dome. JASON ZAMKUS
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