Major Events Trust Fund
The Major Events Trust Fund applies local and state gains from sales and use, auto rental, hotel and alcoholic beverage taxes generated over a 12-month period from certain major sporting championships or events to pay costs incurred from hosting the event.
Large and well-attended events have previously been funded, including the 2004 Super Bowl and the NCAA’s 2004 and 2008 Men’s Final Four basketball championships.
The trust fund can be used to pay costs related to preparing for or conducting the event, including equipment, or to pay principal and interest on notes used to build or improve facilities. One hundred percent of allowable expenses can be funded provided sufficient tax receipts are deposited in the trust fund.
|Statute||Vernon’s Texas Civil Statutes, Article 5190.14 Sec 5A|
|Population Requirements||No City or County size limitations|
|Taxes Eligible for Reimbursement||
|State Review/Approval||Comptroller works with the applicant (city or county) to establish the amount of incremental tax gains resulting from the event – which is the basis of expense reimbursement.|
|Economic Impact “Window”||One Year|
|Application Deadline||Not earlier than one year and not later than 3 months before the event View the Request worksheet (PDF)|
|Specific Use Limitations||Cannot be used to solicit relocation of a professional sports franchise already located in Texas.|