SB 840 - This act creates a refundable income and financial institutions tax credit which will be available for sports commissions, convention and visitors bureaus, certain nonprofit organizations, counties, and municipalities to offset expenses incurred in attracting sporting events to the state. Applicants for the tax credit must submit game support contracts to the department of economic development for approval. The tax credit will be equal to the lesser of fifty percent of the incremental increase in state sales and use tax revenues attributable to such event or one hundred percent of eligible expenses incurred. No more than ten 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, 2016, but may certify game support contracts prior to such date which pertain to games to be held after August 10, 2016.
This act is similar to House Bill 1786 (2010).