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GA HB984
Bill
Status
Introduced
2/10/2014
Primary Sponsor
Ron Stephens
Click for details
AI Summary
- Creates the Sports Marketing Fund and Sports Marketing Board within the Georgia Department of Economic Development to provide grants to registered sports commissions for attracting professional and amateur sporting events to the state
- Grants are repayable advances with interest based on prevailing commercial rates, available up to 18 months before a sporting event and capped at 80% of the estimated state sales tax revenue the event is expected to generate
- Requires sports commissions to be certified nonprofit organizations registered with the department and to submit a winning bid for a specific sporting event before any funds are disbursed
- Expected state sales tax revenue from events must be calculated using the IMPLAN model by the University of West Georgia's Center for Business and Economic Research or another credible institution
- Requires the department to publish an electronic annual report detailing fund operations and transactions for the Governor, General Assembly, and relevant committee chairs, with an effective date of July 1, 2014
Legislative Description
Economic Development, Department of; Sports Marketing Fund; create
Last Action
House Committee Favorably Reported
2/21/2014
Committee Referrals
Economic Development and Tourism2/10/2014
Full Bill Text
No bill text available