SB 1065 Summary

• Creates the Large Special Events Fund Act to establish a dedicated fund within the state treasury for supporting large special events that bring out-of-state visitors to Michigan for at least 2 days.

• Appropriates $2,000,000 from the general fund for fiscal year 2018-2019 to provide event grants to nonprofit convention and tourism bureaus or local organizing committees to cover eligible expenses like venue rentals, transportation, food service, security, and equipment.

• Allows the Michigan Strategic Fund to award grants prospectively to support bids for large special events, with payment contingent on the event support contract being executed and at least 60% of tax revenue increase derived from out-of-state residents or businesses.

• Directs the state treasurer to determine anticipated incremental increases in liquor and sales/use tax receipts from large special events and remit 50% of each to the fund, which deposits these revenues back into the large special events fund.

• Requires the Strategic Fund to publish annual reports beginning three years after the first grant is awarded, detailing grant amounts, supported events, recipient bureaus, tax revenue increases, and other relevant information.