The bill proposes the repeal of section 100.240 of the Revised Statutes of Missouri and enacts a new section known as the "Show-Me Sports Investment Act." This act allows the state of Missouri, through the department and the office of administration, to allocate funds for the planning and financing of athletic and entertainment facility projects, contingent upon appropriation and approval by the director and commissioner. The bill introduces new definitions, including "Adjusted baseline state average" and "Adjusted baseline state tax revenues," which pertain to the calculation of state tax revenues related to these facilities. It also establishes criteria for project eligibility, requiring a minimum total project cost of $500 million and ensuring compliance with existing labor laws. Additionally, the bill outlines the conditions under which state appropriations can be made, including limits on annual expenditures and provisions for repayment if a professional sports franchise relocates. Tax credits are also introduced for contributions to the infrastructure development fund, with specific limits on the amount and duration of these credits. The bill emphasizes the importance of public investment and local government support for infrastructure needs generated by the projects. Overall, the legislation aims to enhance the state's ability to attract and retain professional sports franchises through financial incentives and support for large-scale facility projects.

Statutes affected:
Introduced (6136H.01): 100.240