Indiana Senate Bill 368 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 14 2014 - 25% progression, died in chamber
Action: 2014-01-23 - Committee report: do pass; reassigned to Commerce, Small Business and Economic Development
Text: Latest bill text (Introduced) [PDF]

Provides that a municipality or county may apply to the budget agency for funding from incremental state sales and income taxes to pay certain costs related to: (1) applying or bidding for selection as the site of a sporting event; (2) planning for or conducting the sporting event; (3) improving, constructing, renovating, or acquiring facilities that are directly associated with or attributable to the sporting event; and (4) paying principal and interest on debt entered into to improve, construct, renovate, or acquire facilities that are directly associated with or attributable to the sporting event. Specifies the information that must be in the application for funding and specifies the factors that the budget agency shall consider in determining whether to approve or disapprove an application for funding. Provides that the budget agency may not approve an application for funding unless the economic impact attributable to the sporting event will be at least $500,000. Provides that if the budget agency approves an application for funding for a sporting event, the budget agency shall specify: (1) the percentage of incremental sales and income taxes that may be used to provide the funding; and (2) the required local matching share of the funding for the sporting event. Specifies that: (1) the funding may not be used to match the first 25% of the costs of the sporting event; (2) after local funding has been provided or secured for the first 25% of the costs, funding may be provided on a matching basis for the next 50% of the costs; (3) the remaining 25% of the costs shall be funded entirely from state funding; (4) the budget agency may specify a maximum amount of funding that will be provided; and (5) in determining the amount of funding and matching amounts, the

Funding for certain sporting events.

Sen. James Buck [R]

Date	Chamber	Action
2014-01-23	Senate	Committee report: do pass; reassigned to Commerce, Small Business and Economic Development
2014-01-14	Senate	First Reading: Referred to Tax and Fiscal Policy
2014-01-09	Senate	Authored by Senator Buck.

Type	Source
Summary	https://iga.in.gov/legislative/2014/bills/senate/368/details
Text	http://iga.in.gov/static-documents/b/5/0/f/b50f8716/SB0368.01.INTR.pdf