HB 1786 -- Income Tax Credit to Attract Sporting Events

Sponsor:  Jones (89)

This bill authorizes an income tax credit for the eligible costs,
as specified in the bill, for bringing a major sporting event or
game to Missouri.  In order to receive the tax credit, the
Department of Economic Development must certify the applicant's
game support contract between the applicant and a site selection
organization.  These organizations are specified in the bill and
include the National Collegiate Athletic Association (NCAA) and
the United States Olympic Committee (USOC).

Within 60 days of the conclusion of the game, the department, in
consultation with the Director of the Department of Revenue, must
determine the amount of the incremental increase in tax revenues
which are directly attributable or related to the game.  Within
60 days of receiving documentation from the applicant of the
eligible costs, the Department of Economic Development will issue
a refundable tax credit equal to 100% of the eligible costs or
90% of the incremental increase in tax revenues within the market
area which are directly attributable to the game, whichever is
less.  The applicant must submit evidence of the eligible costs
within 30 days of the game's conclusion.

No more than $10 million of these tax credits can be issued by
the department in any fiscal year, and the credit may be
transferred or sold.  Game support contracts cannot be certified
by the department later than six years from the effective date of
the bill; however, the department can certify contracts during
this six-year period for games that will be held more than six
years from the effective date.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:12 pm