Amends TCA Title 67, Chapter 6.

This bill creates a special allocation of states sales tax if a new event center is to be constructed for use, in part, by a state university in Montgomery County. Under this bill, an amount will be apportioned and distributed to a public entity designated by the county that is responsible for the retirement of all or a portion of the debt on such event center equal to the amount of state and local sales and use tax revenue, including any portion of local sales taxes that otherwise would be allocated for school purposes, from the sale of food and drink and other authorized goods or products sold on the premises of the event center, ticket sales, parking charges, and related services on the premises of the event center. Such tax revenues will be applied to any debt service related to the event center, and this apportionment and distribution will continue until all debt, including any refinancing debt, relating to the event center is retired. For purposes of this bill, an event center includes the facility in which events are held and ancillary facilities such as parking facilities and any lodging facilities adjacent to the facility in which events are held.<br /> <br /> ON APRIL 11, 2019, THE SENATE ADOPTED AMENDMENTS #2 AND #1 AND PASSED SENATE BILL 648, AS AMENDED.<br /> <br /> AMENDMENT #2 specifies that this bill will apportion "incremental" state and local sales and use tax revenue associated with an event center. This amendment removes a reference to lodging facilities located adjacent to an event center as an example of ancillary facilities that will be considered part of the event center for purposes of determining the allocations made pursuant to this bill.<br /> <br /> AMENDMENT #1 limits the purpose of the apportionment and distribution of sales and use tax for debt service under this bill to payment of the original debt, and limits the duration of such apportionment and distribution to the earlier of retirement of the original debt or 30 years.<br /> <br /> ON APRIL 30, 2019, THE HOUSE SUBSTITUTED SENATE BILL 648 FOR HOUSE BILL 690, ADOPTED AMENDMENT #1, AND PASSED SENATE BILL 648, AS AMENDED.<br /> <br /> AMENDMENT #1 makes the same changes as Senate Amendments #2 and #1.<br /> <br />