SB 368 Summary

• Allows municipalities and counties to apply to the budget agency for state funding from incremental sales and income taxes to cover costs related to hosting, bidding for, or improving facilities for sporting events.

• Requires applicants to demonstrate the event will generate at least $500,000 in direct and indirect economic impact within a designated market area to qualify for funding.

• Establishes a tiered funding structure where local entities must fund the first 25% of costs, state funds match the next 50%, and state funds cover the remaining 25%.

• Creates a special account funded by a percentage of estimated incremental tax revenue collected during a 30-day period surrounding the event, with any unused balance reverting to the state general fund one year after the event.

• Specifies eligible uses for distributed funds including application fees, planning costs, facility improvements, bonds for infrastructure, insurance, security, advertising, and professional services directly related to event support contract obligations.