CS/CS/HB 1049 - Sports Facilities Summary

• Authorizes county boards to include commercial developments ancillary to professional sports franchise facilities in lease agreements for such facilities financed through sales tax revenues.

• Creates a sales tax exemption for building materials used in construction, reconstruction, expansion, or renovation of certified motorsports entertainment complexes through tax refunds (maximum $3 million per owner) over a 48-month period with minimum $250 million project cost.

• Provides $166,667 monthly distributions to certified motorsports entertainment complexes for up to 30 years, funded through sales tax revenue, with distributions beginning 60 days after certification.

• Limits motorsports entertainment complex certification to one applicant and requires minimum $250 million total project cost, 50,000 fixed seats, $2 million annual tax revenue generation, and documented local government ownership.

• Allows previously certified professional sports franchises a one-time additional certification for facility improvements costing at least $80 million with verified $4 million annual tax revenue generation and at least 15 years remaining on facility usage agreement.