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GA SB408
Bill
Status
Introduced
2/19/2016
Primary Sponsor
Joshua McKoon
Click for details
AI Summary
- Creates an interstate compact prohibiting the use of state money or state bonds to subsidize the construction, renovation, or relocation of stadium facilities for the NFL, MLB, NHL, or NBA and their franchisees
- Compact becomes operative when three-quarters of 24 named states and the District of Columbia ratify it and Congress gives consent; the Governor of Georgia is authorized to execute the compact on behalf of the state
- Requires 50% of state monies to be withheld from cities, counties, municipalities, or other entities that commit taxpayer funds or issue bonds to cover more than 20% of a professional stadium project's costs
- Requires 100% of state monies to be withheld from any entity that commits any taxpayer funds to stadium facilities for a professional franchise relocating from another state that has ratified the compact
- Withdrawal from the compact requires action by a state's legislature or governor, with a six-month waiting period after notice is sent to all other member states' chief executives
Legislative Description
'Compact Among the States to Prohibit Public Financing of Professional Stadiums'
Last Action
Senate Read Second Time
2/26/2016
Full Bill Text
No bill text available