October 19, 2014

State senate considers a tax credit bill for amateur sporting events (AUDIO)

State senators are considering a bill to create a refundable tax credit that would attract people to attend amateur sporting events that would generate revenue for the state.

The refundable sports tax credit would be available for sports commissions, certain nonprofit organizations, counties, and municipalities to offset expenses incurred in attracting the sporting events to Missouri and benefitting the state economically.

State Senator Eric Schmitt who proposed the bill says it’s an opportunity to reestablish Missouri as a place where a lot of sporting events are hosted.

 “Through the process which is the way the senate is supposed to operate as it made its way through the committee, on to the floor, and over a couple of years quite frankly has gotten to a place where it’s a better bill,” he says. “It’s a more accountable bill and it gets at what we’re really trying to get at which is to try to bring these events to our state to generate revenue not only just for the state, but also the businesses that support these kinds of events.”

Schmitt says the bill would create a tax credit of five dollars after the event is held for each admission ticket sold for an in-state sporting event and would be based on how many people actually attend the event.

 Also benefitting from the tax credits would be the vendors, the restaurant owners, bar owners, hotel owners, and the industry that surrounds tourism.

The bill would also create an income, financial institutions, and corporate franchise tax credit that’s equal to fifty percent of an amount of a donation made to either a sponsor or a local organizing committee for the purposes of attracting sporting events to Missouri.

 

AUDIO: Mary Farucci reports. (1:00)