AZ HB2495

Appropriates $1.5 million annually from the state general fund to the state treasurer for promotion and marketing of a special sporting event at a host facility, effective fiscal year 2021-2022 through fiscal year 2050-2051.

Requires the host facility to incur at least $100 million in special sporting event project costs by December 31, 2020, with the joint legislative budget committee certifying these expenditures before payments begin.

Defines "special sporting event" as a nationally sanctioned auto racing event with established rules and liability requirements, and "host facility" as a complex with fixed seating chosen through competitive selection process.

Directs the office of tourism to deposit appropriated funds in a separate account and submit annual reports to the joint legislative budget committee detailing all expenditures made in the previous fiscal year.

Specifies that special sporting event project costs include acquisition of property and construction, reconstruction, improvement or renovation of host facility improvements on land subject to property tax in Arizona from December 31, 2016 onward.