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GA HB827
Bill
Status
Introduced
1/28/2020
Primary Sponsor
Ron Stephens
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AI Summary
- Creates the Georgia Major Sporting Event Reimbursement Fund and Board within the Geo. L. Smith II Georgia World Congress Center Authority to finance the hosting of nonrecurring major sporting events in Georgia, with the board consisting of 5 members: the state treasurer, the authority's executive director, and one appointee each from the Governor, Lieutenant Governor, and Speaker of the House
- Defines a "nonrecurring major sporting event" as a distinct sporting event not held in Georgia within the prior 3 years, expected to generate more than $1 million in state tax revenue, and certified by the commissioner of the Department of Economic Development at least 30 months before the event
- Host grants from the fund are limited to reimbursing state or local government expenses (such as public safety) not exceeding one-third of the overall cost of hosting the event, and disbursements cannot be made earlier than 18 months before the event or without proof of eligible expenses
- Establishes a state income tax credit for contributions to the fund, capped at $5,000 for single filers, $10,000 for joint filers, and 75% of income tax liability for corporations, with an aggregate annual cap of $60 million across all taxpayers and a 5-year carryforward for unused credits
- Requires the Department of Audits and Accounts to conduct an annual audit of the tax credit program and the board to publish an annual report on its operations; the tax credit provision automatically repeals on December 31, 2029
Legislative Description
Georgia World Congress Center Authority; Georgia Major Sporting Event Reimbursement Fund and Georgia Major Sporting Event Reimbursement Board; create
Last Action
House Second Readers
1/30/2020
Full Bill Text
No bill text available