Amends TCA Title 67, Chapter 6.

This bill adds, in regard to the allocation of state sales tax revenue, if a new public parking garage is to be constructed in Montgomery County, then an amount must be apportioned and distributed to the ownership entity that is responsible for the retirement of all or a portion of the debt on such parking garage 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, lodging, parking, and other authorized goods or products sold on the premises on the block bounded by College Street, N 1st Street, Main Street and N Spring Street. Such tax revenues must be applied to any operating expenses and debt service related to the parking garage, including maintenance and improvements, and this apportionment and distribution must continue until all debt, including any refinancing debt, relating to the parking garage is retired. For purposes of this bill, a parking garage includes the parking facility and any and all ancillary facilities and infrastructure such as utilities and offsite improvements adjacent to the parking garage premises. This bill specifies that the revenue derived from the increase in the rate of sales and use tax allocated to educational purposes pursuant to chapter 529 of the Public Acts of 1992, and the revenue derived from the increase in the rate of sales and use tax from 6 percent to 7 percent in chapter 856 of the Public Acts of 2002 will not be apportioned and distributed pursuant to this bill; such revenue will be allocated as provided in those respective chapters. This bill also revises a similar special allocation provision that was enacted in 2019 concerning an event center in Montgomery County to remove sales tax on parking charges from the list of applicable revenue to be allocated under that provision.